The Judy Niemeyer Team Blog

Given the current high demand for rental residences and the poor return on stock investments, it is no wonder that so many homeowners are considering buying Mobile Eastern Shore real estate as a rental investment. While potentially a lucrative move, being a landlord is an active job, albeit a part-time one, and you, as a would-be investor, need to be aware of the responsibilities of such.

In essence, by becoming a landlord you are operating a business, making major decisions which can affect your family, setting and adhering to a budget, and spending time overseeing and maintaining the property. For a period of years, at least two and more likely five, you will be employed as your own property manager. You must then find a steady flow of good tenants, draw up leases, collect rents, make repairs, keep accurate records re: income and expenses, file taxes, obtain permits, find suitable insurance, and establish a workable relationship with your tenants.

You must also know–and follow–federal, state, and municipal health and safety codes and landlord/tenant rights and responsibilities. Simply put, your responsibilities as a landlord include the following:

• Make and keep property habitable

• Make and pay for repairs arising from ordinary wear-and-tear.

• Refrain from turning off utilities

• Provide written notice in the case of transfer of ownership

• Comply with statutes involving discrimination

Basic tips for becoming a successful landlord include:

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Tags: becoming a landlord, landlord, landlord responsibilities, mobile eastern shore real estate

With Mobile Eastern Shore AL real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up.  If you have already purchased another home, this option is especially attractive as it allows you to cut down on the expense of paying two mortgages while you wait for your home to sell.

Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

• Mortgage payments must be made regardless of if the property is inhabited.
• Costly repairs and maintenance work cannot be delayed if they inconvenience the tenant.
• Disputes with tenants could require legal representation and legal fees.
• There are many costs involved in renting a home – it is recommended that landlords budget 25-30% of the rent to be used for maintenance, repairs, or emergency. This should be a key factor when deciding how much rent to charge in order to break even.

In addition to extra tax advantages (on top of the regular deductions of mortgage interest and taxes), renting out your property might also allow you to continue to build equity in your old home at the expense of the renter.  You might even be able to make a profit from the rent, if your expenses are low enough!

If you are interested in buying or selling Mobile Eastern Shore AL real estate, please call me 866-560-7474 or visit JudySells.com.  Request a relocation package!

Tags: landlord, mobile eastern shore al real estate, renting

With Mobile/Eastern Shore AL real estate sales slowing a bit for the summer, many sellers are left wondering if they may be better off renting their home out for the time being until market activity picks back up.  If you have already purchased another home, this option is especially attractive as it allows you to cut down on the expense of paying two mortgages while you wait for your home to sell.

Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

  Continue Reading »

Tags: judy niemeyer, landlord, mobile eastern shore al real estate, renting