Real Estate Central

LOS ANGELES, Sept. 2 /PRNewswire/ — The record number of home
foreclosures presents great potential for knowledgeable landlords and
prospective landlords with good credit, according to the National
Association of Independent Landlords.

The credit crunch, however, demands that investors be vigilant when
buying and renting properties. Here are some tips:

TO BUY A HOME IN DEFAULT:

— Try to find property before the bank has foreclosed. Lists can be
found at county courthouses and sometimes from bankers or lawyers. Sellers
may be receptive to a deal if they are approached gently and can make
money.

— Even if a buyer cannot visit a home that’s being auctioned, they
should drive by to see how it looks and should run a title search.

— People should buy local rather than in distressed areas far away.
They know their own area better and can self-manage whatever they may buy.

— Buyers should realize that a property may need costly repairs and
that housing prices may continue to drop.

TO RENT IN A CASH-STRAPPED MARKET:

— Independent landlords can be too eager to rent out their homes,
figuring that any tenant is better than no tenant. They, however, should do
as large apartment complexes do — always run credit checks. (This
inexpensive but invaluable tool is offered by the National Association of
Independent Landlords. NAIL also helps landlords report tenants’ payment
histories to national credit bureaus.)

— Landlords should exercise good business sense and rent to applicants
with good credit. People with poor credit might soon be unable to pay their
rent, could damage the property and may not move out without lengthy legal
proceedings.

The current economy poses challenges as well as opportunities, so
landlords must think ahead to next year — not just next month — when
deciding what to buy and to whom they should rent.

ABOUT NAIL:

With more than 100,000 members in 50 states, the National Association
of Independent Landlords is the country’s largest provider of landlord
services and information. President Tracey Benson has been quoted in
publications including Money magazine, The Washington Post, Los Angeles
Times and New York’s Daily News. The National Association has offices in
Los Angeles and Houston.

For further information, please visit
http://www.landlordassociation.com or call 800.352.3395.

See Also:

• Has The Real Estate Bubble Finally Burst?
• Equipment Manufacturers | Distributors Boost 2008 Sales by Touting Section 179 Tax Deduction
• Why Benham & Reeves Residential Lettings Argue that Inflation is Great News for Buy-to-Let Landlords
• Bulls & Beavers LLC Joins Bass Pro Shops’ Web Affiliate Program
• ASFMRA & LandsOfAmerica.com Team Up For Offering

[Via Real Estate Newswire]