What are some good tips for buying Cleveland rental property?


Quick Answer

Some good tips for buying Cleveland rental property in order to make a profit are to research what it takes to be a landlord, purchase property that is located in an area that has a strong rental demand history, consider the use of a management firm to maintain the property in the event that repairs are needed and be sure to assess all of the financial needs of the rental property. Another tip is to screen all potential renters thoroughly by asking for previous landlord references and receiving a credit history and criminal background check before allowing them to live on the property, according to Cleveland.com.

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Full Answer

A good tip for buying Cleveland rental property is to become familiar with landlord laws. The U.S. Department of Housing and Urban Development and the Landlord Protection Agency provide a wealth of knowledge and legal guidelines for each state. They also provide landlords with standardized rental agreement forms, states Cleveland.com.

A tip for assessing the rental demand history of a property is to use websites like Zillow and Trulia. These sites list all the rentals of a given area as well as foreclosures. Potential landlords can use this resource to see what areas are thriving for rental properties.

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