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If you are a real estate investor you may earn money by renting your properties to tenants. While this is a great way to get involved with real estate, it only works in your favor if you are able to keep your homes rented the majority of the time.

Is the rental market in your area on a downswing? If so, you may find it difficult to locate suitable tenants. Although this is a problem, it is not one that should scare you into selling your investment properties. Instead, you have to get creative so you can locate tenants sooner rather than later. The longer you sit back and wait the worse off things are going to get.

The most important part of finding renters is marketing. Does anybody know that you have a home for rent? If the answer is no, you cannot expect to achieve success. There are many ways that you can market your rental, some cost a bit of money and some are free. Many people find that putting an ad in the newspaper and a ?for rent? sign in the yard is good enough. This may be the case when the rental market is booming, but when this is not true you should make some changes.

Believe it or not, you can advertise your rental for free thanks to the internet. The first place to check is Craigslist. This site allows you to list your rental by location. In turn, all you have to do is wait for the phone calls and/or emails to come in. This does not mean that you will quickly find qualified renters, but since it will not cost you a dime you might as well give it a try.

When times get tough and you are no longer able to quickly and easily locate renters, you need to ramp up your marketing plan.

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If you’re looking for a bargain rental unit then Forbes recommends moving to Columbus, Ohio with a monthly average of only $626, Indianapolis, Indiana at $634 or Kansas City, Missouri with an average rental costing only $655. These cities still have a lot to offer residents and won?t suck up all your income in living expenses.

Obviously, the cities with the higher rents offer residents a higher wage, but the cost of living in these areas is substantially higher as well. So, all of this must be weighed carefully before you decide to relocate and try living in a new city.

If you have a home that you are trying to rent you are probably interested in finding tenants as soon as possible. After all, tenants pay rent and this money goes straight to you. In some cases, although not advised, you may use this rent money to pay the mortgage on the property. If this is the case, you are probably in a big hurry. (more…)

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Want to live high on the hog but not buy into the lifestyle? Consider renting one of world?s most expensive rental properties instead.

Necker Island

How about spending a week on Richard Branson’s Necker Island? a mere $300,000 will get you a week of lavish treatment on the island? or you could go the thrifty route and spend $46,000 for one night on Necker. Sure, it?s a lot of cash but you’ve got an entire island all to yourself.

Waldorf Towers

Maybe the isolated island life isn’t for you, you want something happening, maybe a rental in New York City. If you?d like to follow in the footsteps of Frank Sinatra and Cole Porter, then unit 33A of the Waldorf Towers is the perfect home for you, fetching a mere $120,000 a month. Quite a bargain compared to Necker Island.

Nygard Cay

If you like the idea of big city amenities but the privacy of an island toyourself, then do like Oprah does, and escape to Nygard Cay in the Bahamas. As the world?s second most expensive rental, boasting a $40,000 a night price tag during high season, this tropical oasis gives you everything you could desire. A staff of 20 will see to your whims and treat you like the big spender you are.

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It may only be temporary but even a night in one of these prestigious rentals is more than the average person can afford.

Finding a rental property can be difficult, especially if you’re moving to a town you’re unfamiliar with. Don’t be afraid to seek help in finding exactly what you want.

The first step is making note of what you want. The obvious requirements are how many bedrooms, do you want a garage, washer/dryer. But go beyond that and think about less obvious desires. Do you want to be close to work? How far is the local grocery store? Is there a gym or a park nearby? Think about your daily life and what means the most to you.

Then contact your local housing authority. Find out what the local landlords are required to provide their tenants and only rent from landlords who follow the rules and have good reputations. If you’re questioning a landlord’s reputation the housing authority can let you know if there have been complaints.

Check with a realtor. Even if you don’t want to use a realtor to find a place you can call and just get some general information. They’ll know which landlords have good reputations and they’ll also know which parts of town are most desirable.

Finally, do your leg work. Its time to visit the top properties on your list and see if they live up to your expectations.

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New landlords usually have good intentions, but many of them fall by the wayside when they realize how much work is involved and when they run across their first bad tenant. It’s sort of a catch 22, if you want to have good tenants and maintain a good property, then you have to remain a good landlord.

The first step in becoming a good landlord is knowing what is expected of you by your local housing authority. Get a copy of the laws that pertain to rental properties for your state and your city and read those laws. If you don’t understand them, find someone who can explain them to you.

Then make sure your property is up to code and in as good a shape as it can be. It’s easier to maintain a well kept place than to do massive repairs on a run down one. Your tenants will also tend to be of a higher caliber if you have a nicer place to offer them. When you’re doing a property walk through, make sure you provide adequate security.

Finally, let your tenants know what you expect of them. Establish written rental agreements and policies and make sure that all of your tenants, existing and prospective, know exactly what is required of them.

By keeping a flow of information open and honest you will be respected by your tenants and can be a better landlord.

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