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Top 5 Questions to Ask Potential Memphis Tenants [and What Not to Ask]

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Every landlord wants awesome tenants. These are the tenants who keep the place clean, pay rent, report maintenance issues, and don’t complain often. However, as most landlords in Memphis can attest, getting such a tenant isn’t an easy task.

Getting a good-quality renter requires a lot of homework. And, most of this homework involves screening each and every renter to determine their suitability to rent your property.

Typically, a good screening process involves doing such things as checking out every prospective renter’s criminal records, income sources, rental references, and credit report. Also, key to the success is knowing what questions to ask when renting your property.

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Best Areas in Memphis to Invest In

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If you are considering investing in real estate as an alternative to investing in mutual funds, bonds and stocks, you are not alone. The fact is that investing in real estate can be highly profitable due to things like tax benefits, cash flow, asset appreciation and more.

And just how many times have you heard that location is everything in real estate investing?

Memphis is one of the hot markets this year, and this is projected to continue into 2019 and beyond. These are some reasons that make Memphis such a great investment destination.

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Increased Construction Costs Creating Sellers & Renters Market

With the renegotiations that have surfaced under the current government, Memphis’s land, home, and construction prices are soaring. Currently, Memphis homeowners and investors have seen a 3.6%  increase in home value this year. This real estate boom is not as surprising as it may seem, however. It is directly correlated to the increased cost and difficulty in building new properties in Shelby County. There are many variables that play into this increase in cost and difficulty, and though it may appear as though the housing market may take an unfortunate turn, these circumstances have actually created a fantastic opportunity for anyone looking to sell their current properties. Not only is this a seller’s market, but it is also a prime time for current and potential renters in the city. Renters and those selling their properties will likely benefit the most during this real estate boom.

 

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Buying Memphis Investment Properties: What You Need To Know

 

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For real estate investors, Memphis is a great investment destination. Following the upsetting blows of the real estate bubble bursting, the Bluff City has taken its time getting back on its feet.

Now, it’s a booming real estate destination for investors interested in investment properties. The investment properties are not only reasonably priced, but the demand is also on the rise.

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Benefits of Renting in Memphis

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Renting a home can offer tenants freedom and financial advantages that are often overlooked when discussing longterm finances. While homeownership may be a lifelong goal for many Americans, renting is typically a safer and more stable financial decision. Renting also offers high mobility and lower risk when compared to a long mortgage. Memphis is a particularly good city to rent in because of the competitive rental market. Memphis’s average rent is $855  and is $450 lower than the national average at $1405. Let’s take a look at a few of the major advantages of renting a home in Memphis:

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Five Tips on Getting Your Deposit Back

 

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Getting your security deposit back is much simpler than it seems, and having that extra cash can be extremely helpful while you’re moving out of one home and into another. Rental companies and landlords actually prefer to give you as much of your deposit back as possible back because that means the home was left in good condition. Here are a few tips to help you out in getting your deposit back:

 

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How to Find Tenants for Your Memphis Rental Property

 

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A vacant property is every Memphis landlord’s nightmare. A vacant rental property means no income at the end of the month. Filling a rental property is, therefore, key to the success of your rental business.

However, as every landlord in Memphis can attest, finding reliable tenants to fill a rental property isn’t easy. An ideal tenant is one who is keen to follow all rental lease terms, is responsible, and one who is able to pay rent in full.

In this article, we reveal proven ways that teach you how to find tenants for your Memphis rental property. (more…)

Investing Your Second Property

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Owning a second home has many benefits, but you should keep in mind that there are many hidden costs that come with owning a second property. Whether you inherited the home, bought a vacation house, or just wanted to invest in multiple properties, you need to consider that not properly investing your second home can put you in financial and emotional distress.

Consider Hidden Costs

Mortgage

The most obvious cost is the mortgage. Taking on more than one mortgage can be precarious. You need to carefully examine your own finances before taking on a second mortgage. Once you look over your finances, determine whether taking on a second mortgage is feasible then consider turning the home into an investment property. 

Utilities, Wear & Tear, Inspections, Insurance, etc.

These costs are a little less obvious, but they can be a risky burden. Depending on the age and condition of the home, repairs can outweigh almost all of the other costs. You will also have to get home insurance, pay utilities, get updated inspections, and maintain the appearance both inside and outside the home. 

 

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The Bottom Line: Sell, Rent, or Move In

Selling

Before attempting to sell, be sure to get an appraiser to determine the value of your home. Selling the home can be an easy way to resolve ownership but keep in mind that homes don’t always sell quickly. You may end up holding onto an empty house longer than you would like. Using a real estate agent can help, but you are still not guaranteed a quick sale. However, investing the home to a property management company easily passes financial responsibility.

Renting

Renting out the home can supplement your income and relieve you of the stress and responsibility of holding onto an empty home. You can rent the home for as long as you would like and can choose to sell at any time. Renting out your home through a property management company can also greatly decrease the amount you pay for repairs and expenses. Also, renting through a property management company helps guarantee that your home will always have renters and be a profitable investment.

Moving In

While moving into your second property may be enticing, it simply may not be practical. You need to consider the number of repairs and the entire cost of ownership before deciding to move into the home. You also need to consider if the home is suitable for you and your needs. Investing the home will likely be a move than trying to move into the home.

 

Taking on a second property can be stressful, but turning your second property into a profitable investment is simple. Property management companies, such as Omni Property Management, can help you make the right decision that will give you the most benefits. For more information, please give us a call at (901) 372-5513 or visit our website at www.omnirealty.net.

 

 

The Basics of Tennessee’s Security Deposit Law

 

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A security deposit is required for most rental agreements and residential leases in Tennessee. The deposit, usually a month’s rent, is a dollar amount intended to cover damage resulting from a tenant’s negligence or carelessness.

For example, if a renter breaks bathroom tiles or causes burns and chips in the laminate countertop, the landlord has a right to make appropriate deductions from his or her security deposit. (more…)

How to Deal with Difficult Tenants in Memphis, Tennessee

 

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Dealing with difficult tenants can be a nerve wrecking ordeal as a Memphis landlord. For many, it’s an unfamiliar and potentially risky territory. Traversing all the complex rules pertaining to the rights of tenants and what you can and can’t do as a landlord in Memphis can feel overwhelming.

Even with the most arduous screening process, as a landlord, you’re destined to meet a difficult tenant at some point. Anecdotal landlord experiences suggest it seems to happen in as often as one in five tenancies.

Tenant problems come in all shapes, sizes, and levels of severity. They can range from relatively trivial things like carpet stains to serious criminal activities like cannabis factories.

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