<STEP 6 - Finding the Property>

Get comfortable looking for properties on the internet. Realtors post their listing on the MLS which is available to to view on the internet you can search the MLS from my webiste at http://www.bryanfagan.biz/mls-search2.html

The MLS is what realtors use and where you will probably find the best investments. If you find your property on here you can ask a realtor such a myself what houses are selling for in which ever neighborhood you are interested. Or what houses are renting for in that neighborhood so you can figure out whether you will be able to charge enough rent to cover property taxes, the mortgage, and still make a profit.

<STEP 7  -  GET READY TO RENT YOUR PROPERTY>

After you have the purchased property you need to get it rented. The best way to do that is to 1^st buy the right type of property. A property you can afford to rent for $1,000 or less. As a property investor myself this has been what I have found to be the magic number. I have a couple houses that I rent for more than a $1,000 but they are a little more difficult to rent and require me to do a little more work to rent them. There are always exceptions to the rule but it is a good rule of thumb if you realize the more rent you go after the harder and harder it will be to rent and there is a point of diminishing returns.

Assuming though you have followed the rule you may only need to put a sign in yard that is it you are done you are finished. The renters will be knocking down your door to rent the place. That has been my experience with the properties that I own and that I charge less than a $1,000 in rent for. For example with my 1^st property before I had even stuck a sign in the yard or was ready to take applications people kept showing up asking if I was going to sell or lease and if lease how much. I had that house rented 2 weeks before I was done working on it the guy practically forced me to take the 1^st month’s rent and deposit in order to make sure it would still be there when I done. I almost had that same scenario on the 2^nd house as well. However on the 2^nd house I did manage to put a sign in the yard first.

<STEP 8 - ADVERTISING>

When advertising your property the two most effective tools you will use are (1) a sign and a brochure box (2) houston.craigslis.com

The NUMBER #1 RULE when trying to rent the house is be available. If someone calls you need to answer the phone, if they want to see the house right then you need to drop what your doing and go show the house right then. When they call they are at their highest level of interest. You need to strike when the iron is hot

The NUMBER #2 RULE is keep your brochure box full. Never let it be empty if their aren’t brochures in their what is the point of having a box you want that brochure box working for you night and day.

IF YOU CAN be available at the drop of a hat to show the property - I recommend not listing it with a realtor. Unlike when buying or selling a house I think it is a better idea to rent the place yourself. If you can’t then list it with a realtor. On a property with a rent for $1000 a month it costs you $33 dollars a day that it is not rented.

A sign in the yard along with a brochure box are very effective tools. I have found that when you use these your neighbors will help you get renters they want to make sure the right person moves in so they will take a brochure and give it to someone they know is looking for a place, etc. However, you must keep the brochure box full in order for it to be effective so check it at least once a week this is common sense but have you ever stopped at a house to get a flyer and it has been empty. When this happens you have lost an opportunity someone that was motivated enough to get out of the car to get a brochure. <About brochures> In marketing they teach you that you should always leave off a key piece of information to generate interest and get the phone to ring. On the brochure you should give all the good details EXCEPT how much you are renting for. This gets someone who is interested in renting the house to call you. If they do this you know they are interested so at this point you should tell them how much the rent is and would they like to schedule a time for you to show it to them.

Another good place to advertise is houston.craigslist.com it is very effective and best of all its free. To be really effective you will want to repost on it multiple times a day. If you do it right you will probably get at least 10 calls or emails day off of craigslist.

Another good place although not nearly as good as sign or craiglist.com is the green sheet. It doesn’t generate as much traffic as the other two and it costs money. But is probably the next best place to try and get a renter.

<STEP 9 - Showing the house>

If the person has called you to see the house, the NUMBER 1 rule is be available, be willing to show the house right then, not later, right then if at all possible. When your showing the place let them look around don’t try and force the property on them. If they rent they rent. If this is not the house for them there will be somebody else.

<STEP 10 - Credit and Background checks>

There are all kinds of credit and criminal background check websites you can sign up for as a land lord prices run from 25-50 dollars depending on what you sign up for. YOU WILL do a credit and criminal back ground check and that is why you will charge a $50 application fee. If a prospective tenant asks about rental criteria you will inform them that you do charge an application fee and do credit and criminal background check. This will get rid of several people you are not interested in renting to.

If they ask about the criminal back ground check tell them mainly you are looking to screen against violent crimes such as murder rape ect. You are not worried about traffic tickets and minor crimes.

If they ask about credit you say ideally you want people with perfect credit but will rent to people with less than perfect credit with a larger deposit.

Free information is available to you about investing, buying, or selling in Kingwood Texas real estate. For complete information about the Kingwood TX real estate market including current Kingwood homes for sale, property values and more please visit the most complete website online dedicated to everything Kingwood TX at http://www.BryanFagan.biz I am available to answer any of your real estate or mortgage related questions. Call me on my cell at 281-318-1455 or send me an email at Bryan@BryanFagan.com