can i still make a proffit as a landlord after i bought the house but before Ive found tenants?

Question

in the end can i still make a proffits

keeping in mind i will eventually find tenents?

Answer 1

you can rent it for storage but you should have insurance for it.

I start advertising houses when I know that I am close to buying the house, before I own it. So I have people lined up. Then I usually give the tenants a discount while I renovate it. You can buy rentals that people are already renting out of.

Answer 2

You should have a list of possible tenants at all times, even if the list is more than a year old.

If you have individuals that applied for the rental but someone was better at the time, you should keep their name and telephone numbers in a seperate folder.

When your present tenant have given you notice you should do a couple of things immediately.

#1 Place an ad in your local newspaper advertising your rental

#2 Call the last individuals that applied but were turned down, tell them the place is now available if they still want the place and that they are now #1 on the list and have about 48 hours to accept the place.

#3 Let all your friends and relatives know that your place in now available

#4 Use as many free web sites as you can to advertise that you have a vacancy.

#5 Make the necessay changes and clean up of the now vacant place to include changing the carpet if it has been down more than 5 years, painting if it had not been done in the last 3-4 years.
Take care of any plumbing and electrical work that need to be done, repair and doors and other small things that are annoyable to tenants. Wire the place for cable and dish TV.

Now to your question, in around about way you can still earn while you have a vacancy. Any time your place is vacant it immediately become tax deductable. Any thing you do to place the unit in use for rent is deductable also to include all advertisment to rent the place.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

You need the tenants to make a profit. You cant possibly make a profit from buying a house. You got to spend money to buy a house so your already behind the 8 ball. You will need to get your tenants in there to make a profit. Then again keep in mind that you might not make a profit really. If your mortgage is $1000 per month on the house, then you need to charge the tenants that to cover the mortgage. Location and what shape the house is in will help you base how much your rent should be. So we will say that you can charge them $1200 per month rent. There you make a $200 profit every month. Now that profit has to go toward maintaining the house and property and paying taxes.

Basically in a nutshell....its a hit or miss on if you make a profit or not. But yes you will need to get tenants in there to even start making a profit. Good luck with it. Hope this helps you out.

Answer 4

The Cost of Residential Real Estate on a National Average is 6% a year, , SO YES!!! BUT, Depends on your loan's interest rate, how much taxes are, and how the local real estate market is in the place where the home is located. I would suggest finding a GREAT realtor that will find you a renter. If it is in certain cities there are "FREE RENT FINDERS" that get a lot of traffic for rentals. The MLS is also a great source, put flyers in the neighborhood, but depending on your availabilty, and your market a realtor will be a great asset. Especially if you do not know how to write a contract/lease.

Answer 5

Only if you sell the place for more than you paid for it. While it is empty, expenses for taxes, insurance, mortgage payments, and repairs all continue, and there is no profit in having money go out if none is coming in.

Answer 6

Don`t do it I know people who tried and they had the problem of people not paying rent.The best way to make money is flipping houses.You never get rich the easy way;it always takes hard work.

Answer 7

profit is money coming in. can you see it?

so think about it.

Answer 8

no. your tenents are your profit.