6 most common Mistakes Investors make when they rent in United States

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Some foreign buyers invest a significant amount of money to buy an investment property in the United States, but often pay little attention to when renting this property to skip some points that are of great importance. Following are some of these points:
1 – Pre-qualification of prospective tenants: It is understood that it is very important to have a rental property to ensure the profitability of an investment, however, it is sometimes better to have an empty unit before you rent to someone who is not qualified. Rent to someone who is not qualified could create more problems than having an empty unit. That is why it is very important to pay attention to the following points:
*Credit report
*Criminal record
*References from previous landlords.
*Personal reference
2 – Not Knowing the Laws: As is well known, the American system lends much to the demands, so it is very important to avoid being sued for not knowing or not understanding some laws. Many of the complaints are occurring against owners for breach of the law of “Fair Housing” (Fair Housing). This law protects potential tenants of discrimination by some of the following: By sex, race, religion, color, origin, family status, Physical disability.
3 – No contract: The contract is a very important point because it all rules and regulations governing the relationship between tenant and landlord are stipulated. Sometimes it is important the presence of lawyers in drafting the contract or to advise the parties.
4 – Ignorance of the legal system: This issue is also important because of him many of the legal disputes between tenant and landlord are derived. For example: What procedure should use a landlord if the tenant is insolvent in paying the rent? What are the rights of a landlord? What can and what can it do?

5 – Ignorance of the market: The investor will most likely not have the right to deliver and position your property in the most efficient way tools. It is very likely that ignores statistical data such as: number of similar to him recently rented units, the average price of such income, the number of days that these properties were on the market before rented, number of similar units it’s currently being offered, number of days they have been on the market. Ignorance of these data leads to the property is not offered in the price and under the right conditions.

6 – Limiting the Offers: When the investor offers property for rent on your own is very difficult to compete with other owners who use the services of estate agents. The latter offer their units in the MLS (multiple listing service) and use the network of more than 35,000 potential realtors which is a multiplier factor facilitating the property itself known and is rented more quickly than when the unit is offered without an agent.

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