Should You Keep Your Inherited House? How to Assess the Costs
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If you're like most people who've just inherited a house, you're probably struggling to decide what to do with the asset. Given the dismal state of the current housing market, it may be tempting to hold onto the property for a few years to give house prices a chance to recover, while potentially taking advantage of escalating rent prices in the meantime. Before you can justify taking this approach, however, you'll need to have a clear idea of what it will cost to keep the home. Here are the items you should include in your calculation.
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Reducing Rental Property Investment Risks
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While common problems such as a lack of planning, unclear goals, and inadequate market research will always be contributing factors to nonexistent or negative profit margins for a certain percentage of real estate investors, a larger percentage will fall prey to what James McClelland, CEO and president of the single family home investment firm MACK Companies, calls the "Number one reason why people fail at real estate investing"---poor property management.
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Common Maintenance Issues and How to Avoid Getting Calls About Them
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Once you've placed a responsible tenant in your rental, your major responsibilities as a landlord, outside of collecting rent, will likely revolve around keeping the property in good repair. Assuming you'd like your rental income to remain as passive a revenue stream as possible, here are some common maintenance issues that it's worth working with your tenant to deal with proactively.
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Property Management Requirements
State requirements for Property Managers.
References
Hiring a Property Manager
- 10 Reasons to Hire a Property Manager
- Choosing the Right Property Manager
- Property Management Certifications and Qualifications
- Property Management Fees
- Property Manager or Rental Agent?
Finding and Managing Tenants
- 5 Ways To Show Your Best Tenants The Appreciation They Deserve
- Handling Disruptive Tenants
- Handling Late Payments
- How to Keep Tenants Happy: 10 Tips
- How Will Rently.com Change Your Business?
- Pet Policies: Best Practices
- Renters' Rights
- Screening Tenants: The Factors That Matter Most
- Where to Find Tenants: How to Advertise Your Property
Rental Property Maintenance
- 5 Easy Plumbing Fixes Every Landlord Should Know
- Common Maintenance Issues and How to Avoid Getting Calls About Them
- Finding and Choosing Contractors
- Housing Codes for Residential Landlords
- Property Management Supply List
Rental Law
- Fair Housing Act Explained
- Landlord-Tenant Law: What You Need to Know
- Tenant Evictions
- Your Property Management Agreement: What to Expect
Property Investment
- 5 Things to Know About Buying REO
- Investment Property Types: Which You Should Choose
- Maximizing Investment Property ROI
- Reducing Rental Property Investment Risks
- Should You Keep Your Inherited House? How to Assess the Costs
Useful Tools
- 5 Property Investment Books Worth Reading
- Property Management Software
- Property Manager Interview Questions
HOA Management
- FAQ: Your Homeowners Association Questions Answered
- Hiring an HOA Management Company
- HOA Governing Documents Explained
- HOA Management Fees
- HOA Management Team Basics
- Top 10 HOA Controversies on the Web
Featured Article Archive
- 5 Easy Plumbing Fixes Every Landlord Should Know
- 5 Things to Know About Buying REO
- 5 Tips for Cutting Utility Costs
- Choosing the Right Insurance for Your Rental Property
- Common Maintenance Issues and How to Avoid Getting Calls About Them
- How Segmented Depreciation Can Lower Your Tax Bill
- How Will Rently.com Change Your Business?
- Managing Student Tenants
- Property Investment Opportunities in College Towns
- Reducing Rental Property Investment Risks
- Short-Term Bridge Debt for Commerical or Multifamily Real Estate
- Should You Keep Your Inherited House? How to Assess the Costs
- Survey reveals that professional property managers cut vacancy rates in half
- Tax Breaks Every Landlord Should Take
- Utilities: Who Should Pay for What and Why
Partners
Rental Listing Services
RentalHomesPlus.com is a leading national internet listing subscription service with thousands of unique addresses representing millions of rental homes, townhouses, condominiums and duplexes from property managers, owners, investors and private landlords.
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Rent.com is the nation's #1 Internet listing site (ILS) in the rental housing industry, enabling renters to find a residential rental property online using a free robust search tool. Rent.com has the most online traffic and the largest inventory of contracted property listings.
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Rentmyhomefast.com has been connecting tenants and homeowners on the internet since 2008. We make it easy to list and search for residential properties online, including single family rental homes, condominiums, townhouses, apartments and more. Searches are always 100% Free to tenants and properties can be listed by property managers, individual homeowners and realtors alike.
Learn more about this PartnerManagement Software
Offering solutions for both individual residental landlords and professional property management firms, Property Boulevard provides affordable, easy-to-use property management software. Beyond simplifying your accounting, Property Bouelvard allows you to organize all of your business' information in one place.
Learn more about this PartnerTenant Screening , Credit & Reference
EZ Landlord Forms offers a free lease agreement, a free rental application, state-specific eviction notices, and hundreds of other rental forms. EZ Landlord Forms also offers discounted tenant screening services.
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Marketing Services
RentList.com is a comprehensive directory of property management companies nationwide. With RentList.com, you're sure to find the most qualified property manager or property management company for your rental homes and apartment portfolio, leaving you with less to worry about and more free time to do the things you enjoy.
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HOA Management Directory provides the most comprehensive listing of HOA management companies and supporting services nationwide. We give you the fastest, easiest, most efficient way to find a local management company or supporting service for your community. Save yourself time by comparing multiple listings on a single page. You can even request a quote or additional information directly from our site!
Learn more about this PartnerProfessional Organizations
Business & Accounting Services
EZ Landlord Forms offers a free lease agreement, a free rental application, state-specific eviction notices, and hundreds of other rental forms. EZ Landlord Forms also offers discounted tenant screening services.
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