Foreclosures Represent Opportunity for Savvy Landlords

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.
SOURCE National Association of Independent Landlords

Tracey Benson, President of National Association of Independent Landlords,
+1-310-435-9139, landlord@nail-usa.com