There is a lot to consider when handling condos for rent. In addition to prepare properties for new residents and making sure you have all the required documents, you also need to determine how much you will use as a deposit and how much you will collect each month. Before you determine the final number, make sure you consider all the different expenses.
Security deposit: Different owners tend to collect different amounts for security deposit. As a rule, you want to have a payment of at least one month in advance as a deposit. If you will allow pets in rentals, make sure you collect a little extra. You can get complete information about biltmore square for sale just at https://www.biltmoresquarecondos.com/DoQuickSearch.asp?sql=~(City~like~*%5EBiltmore%20Square%5E*~Or~Subdivision~Like~*%5EBiltmore%20Square%5E*)~and~Price~%3E=15000.
Image Source – Google
Monthly payments: If you still have money in the condo to rent, you want the monthly payment to cover at least a mortgage. The purpose of placing them for rent is to have someone else who pays the cost when you build equity in your investment property.
Consider how much you are required to pay as far as your maintenance fees go. Do you pay them every month, twice a year, or once a year? Add this fee to the monthly payment that your tenant will pay. You can put money in a separate account and pay for maintenance costs when due. It makes sense that all the costs of this property are being taken care of by the current occupants.