We at Moon Ridge Property Management had another question and answer session with one of our incredible clients. Learn more about purchasing a second home to make it a rental property,
1. What made you decide to rent out your property as opposed to selling?
The property was purchased with the intent of renting.
Our response: A second home is not only an investment but a source of extra income. When you rent a home, you not only earn out of the rent but you start building a nice nest egg. Your home is quietly but surely appreciating in value over the years.
2. Were there any special circumstances around your acquiring of the property or needing to leave?
No special circumstances, just a good sale price.
Our response: You have done the right thing. When you come across a good property at a reasonable price, the best thing to do would be to buy it, if you can afford it. Even if it is your second home, you can rent it out and earn money from it. All you have to do is contact a good property management company like us and we will do the rest for you! You make money just from being a property owner.
3. What was your biggest worry/concern before renting out your property? How did Moon Ridge put that worry to ease?
Handling the vetting of renters, collection of rent, and all repair work.
Our response: Your worries are real but with Moon Ridge Property Management, fear no more! At Moon Ridge, we handle everything on your behalf. We handle rental inquiries, screening tenants (no one with less than a 660 credit score makes the cut), signing the lease, and collecting the rent. We even take care of your home’s repair work and maintenance as if we own it. You can place your total trust with Moon Ridge Property Management for your home rental management.
4. How has Moon Ridge helped you manage the daily ins and outs of maintaining your property?
It’s been awesome. No headaches for me. You guys handle everything!
Our response: Thank you for your sincere appreciation! As your property management partner, our commitment is to ensure that your home is in safe hands. That is why we even undertake seasonal onsite home inspections on your behalf to:
a. Make sure that the tenant properly maintains your home, and
b. Protect your property from the elements.
5. Has your property required any significant maintenance/repair requests? What was your experience like with Moon Ridge?
Maintenance experiences have been prompt and successful, with a very good notification system.
Our response: At Moon Ridge Property Management, we believe in tackling repair requests at once (within the hour). We will notify you, call for the bids, fix the contract, and carry out the repair work to your satisfaction! We even send pre and post-repair photos.
6. What do you get to do now with your free time since you don’t have to worry about managing your property?
Mostly it’s just the removal of hassle. It is worth it to us to pay for these services, so we can just collect the income and not deal with day to day stuff.
Our response: This is what we love to hear! Why waste your precious time worrying about your property when you have us? Relax and enjoy the extra free time to life while still generating a profit!
7. What has been your overall experience with Moon Ridge?
Excellent! You guys have been great to work with. Especially helping us through that difficult eviction process in Abingdon. Thank you.
Our response: This is why we do what we do. From occupation to eviction (we’ve only had 1 in 10 years!), we make everything work in a seamless manner. Our tenants normally stay on for 3-10 years in any home, while the industry standard is about 1 year! Your home is in safe hands, with people who want to treat it as their home too.
Is Buying a Second Home for Rental Purposes a Good Idea?
Ever since COVID-19 set in, there has been a huge change in the real estate scenario. People have started to migrate to the suburbs. Inner cities like New York faced a housing shortage as the demand for roomy spaces grew. Is buying a second home for rental purposes a good idea in the current situation? It is, for the following reasons.
In the cities, the demand for single-family rental units has increased. The high cost of land and material made construction difficult during the COVID days. This created a demand for housing. The high-cost rentals boomed as roomy apartments were hard to find.
In most metros, vacancy rates were below 3%, creating history. Rents rose faster since mid-May 2020. Detached single-family houses and low-rise condominiums are the most wanted.
For landlords, this is the right time to rent their homes. The CARES Act gives them temporary relief from mortgage payments. On 26th July 2020, the 120 days of eviction relief came to an end. Now, landlords can ask non-paying tenants to vacate and rent out their homes to new ones.
Many landlords suffered due to the moratorium offered by the CARES Act to tenants. But now, they can heave a sigh of relief and earn their due rent. Seek the help of a good home rental company. Rent out your property to the right tenant with careful screening.
Strike the iron while it is still hot. Rent out your home at a good profit margin now and earn money. Seek the services of an expert property management company. Choose the right tenant after proper screening.