Snohomish County real estate investors who rent properties can make a large amount of rental income. Rental payments are typically made monthly and should be high enough to cover the basic expenses of the rental property, such as property insurance, rental insurance and maintenance.
Snohomish County real estate investors must maintain property insurance. If property is damaged by natural causes or fire, insurance is needed to cover the cost of repairs. This insurance is usually included with the mortgage payment, so most investors do not have to make a separate payment for homeowners insurance.
Rental insurance is also needed for rental properties. This insurance helps cover damages from a tenant. Some tenants purchase their own rental insurance to cover the cost of damages to their belongings while they are on the rental property. This type of insurance is not usually paid with mortgage payments and must be secured separately by Snohomish County real estate investors.
Maintenance of the property should also be considered when investing in rental property. How much will it cost to maintain landscaping? What maintenance will be the tenant’s responsibility? Investors should consider the answers to these important questions when deciding upon a rental fee. Investment success is dependent on the strategic planning of the investor.