LOS ANGELES, CA -- The record number of home foreclosures presents great potential for knowledgeable landlords and prospective landlords with good credit, according to the National Association of Independent Landlords.
The credit crunch, however, demands that investors be vigilant when buying and renting properties. Here are some tips:
TO BUY A HOME IN DEFAULT:
-- Try to find property before the bank has foreclosed. Lists can be found at county courthouses and sometimes from bankers or lawyers. Sellers may be receptive to a deal if they are approached gently and can make money.
-- Even if a buyer cannot visit a home that's being auctioned, they should drive by to see how it looks and should run a title search.
-- People should buy local rather than in distressed areas far away. They know their own area better and can self-manage whatever they may buy.
-- Buyers should realize that a property may need costly repairs and that housing prices may continue to drop.
TO RENT IN A CASH-STRAPPED MARKET:
-- Independent landlords can be too eager to rent out their homes, figuring that any tenant is better than no tenant. They, however, should do as large apartment complexes do -- always run credit checks. (This inexpensive but invaluable tool is offered by the National Association of Independent Landlords. NAIL also helps landlords report tenants' payment histories to national credit bureaus.)
-- Landlords should exercise good business sense and rent to applicants with good credit. People with poor credit might soon be unable to pay their rent, could damage the property and may not move out without lengthy legal proceedings.
The current economy poses challenges as well as opportunities, so landlords must think ahead to next year -- not just next month -- when deciding what to buy and to whom they should rent.
ABOUT NAIL:
With more than 100,000 members in 50 states, the National Association of Independent Landlords is the country's largest provider of landlord services and information. President Tracey Benson has been quoted in publications including Money magazine, The Washington Post, Los Angeles Times and New York's Daily News. The National Association has offices in Los Angeles and Houston.
For further information, please visit http://www.landlordassociation.com/ or call 800.352.3395.
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Source: National Association of Independent Landlords
CONTACT: Tracey Benson, President of National Association of Independent
Landlords, +1-310-435-9139, landlord@nail-usa.com
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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