We Advise your Vacation

LAS VEGAS, July 21 /PRNewswire/ — Today many Americans, faced with layoffs, a lagging economy and sharply increasing gas prices, are relocating in search of new employment opportunities. While many may get a steal of a deal on a new home in light of today’s real estate crisis, the National Association of Realtors reports that home inventories are at an 18-year high, making many of these same home buyers the product of a “Real Estate Catch-22″ — the problem faced when deciding whether to take a chance and be stuck with two homes (and two mortgages) or sell before buying.
For those forced into a move and dealing with the balancing act of two homes and two mortgages, some homeowners are taking a turn at becoming a landlord to subsidize the cost to keep two properties while riding the ebb and flow of the real estate tide.
“With families moving to different cities and states in search of employment opportunities more people are faced with the stress of paying two mortgages or, even worse, a potential foreclosure,” said Robert Kanaat, CEO and founder of TenantWIZ, an online rental property management company. “To balance the added costs of dual home payments, many are looking for ways to use their vacant property as a source of revenue. One popular alternative has been turning the home into a rental unit.”
For multi-homeowners interested in generating additional revenue to offset the costs of two home mortgages, without quitting their day job, Kanaat offers first time “landlords” the following six tips:
Determine if it is a year-round rental or vacation destination. Based on the location of your home — is it near waterfront or in a city with strong tourism — you may be able to turn a steady seasonal profit renting it out to vacationers. To save costs while on the road, more families are turning to vacation home rentals rather than hotels to save costs on extended stays and meals.
Get the 411 on potential renters. Whether advertising on the Web, in the newspaper or via word-of-mouth, everyone has heard horror stories of renting gone wrong. Make sure you know as much as possible about potential renters and do the necessary background checks to make sure they do not have credit issues that will impact payment. For long-term tenants, Legaldocs.com provides landlords with a free tenant application that includes a background check consent area.
Name your price. Determining how much to charge for rent should be based on a variety of factors including the cost of your mortgage — how much do you need to charge to break even — to the current rental rate of comparable houses in your neighborhood and city to the amenities your home offers (e.g. do you have a pool, swing set for kids, etc.).
It’s not you it’s me. Just like a first date, first impressions count. Make sure your home looks its very best to entice potential renters to want to learn more — changing the light bulbs, cleaning the carpets, fresh paint and a nice yard can go a long way.
Make it easier to manage remotely. For time-strapped individuals who are several hours away from the property, consider using an online program to manage your property. For example, TenantWIZ offers property managers the ability to do everything from scheduling maintenance, to tracking expenses, unlocking the property and collecting payment — all remotely and automatically.
Unload through rent-to-own. Speak with your mortgage company and determine whether you could offer your home as a rent-to-own. Not only will you have a better chance of getting quality renters, you may also solve your entire two-home challenge.
About TenantWIZ Software Corporation (TWZS)
TenantWIZ Software Corporation (TWZS) enables multi-homeowners, agents and rental businesses the ability to create and manage all aspects of their vacation rental property remotely and automatically using the company’s online lifecycle management system. Through the system’s feature-rich tools users are able to design a Web site, book rentals, unlock the property, collect payments and more. For more information, visit
TenantWIZ Software Corporation