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When you’re looking to make a solid real estate investment, the ultimate goal is cash flow. You want your cash flow to be largely hands-off and passive, and that’s why it’s pertinent to do your research about your rental markets.
On this episode of Investing in Real Estate, Natali and I are sharing four tips that make up the most investor friendly areas. We’ll talk about how to identify a landlord-friendly city that is conducive to long-term buy and hold, and what to expect from your rental market. Don't miss this episode!
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The first thing you should examine is how permits work in that particular market. For example, in some states or cities, it can take seemingly forever to obtain the correct permits. Pulling permits is part of the process; we do it on every house we renovate, so you want that to be an easy and seamless procedure.
Also, you should ask if utilities companies will be friendly to investors. It’s common to be charged a fee to put a utility bill under the name of your LLC, but some companies ask for much more. For example, we once had a utilities company want us to meet in person. And since we live out of state, they demanded that we notarize our application.
Another thing to consider is rental licenses. For some reason, some states charge a fee for you to be a landlord. Not all municipalities charge this. In fact, most don’t. However, you need to be prepared and do your research ahead of time.
Lastly, you should consider if the state itself is landlord friendly. This means, how do they handle evictions? What are their laws like surrounding security deposits? Again, this is just another thing to consider.
On today’s show, we’ll talk more in depth about some of our experiences with investor friendly cities. We’ll talk about having systems in place, and setting your expectations. You’ll also learn about how much a rental license costs, how to deal with the board of health, and more!
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If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- How can you determine how quickly the permitting process is in a city?
- Which states are the worst for code violations?
- What should you expect from a utilities company when you’re purchasing a property in a business entity?
- What exactly does “landlord friendly” mean?
- And much more!
What Is a Rental License?
5 Most Landlord Friendly States
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