How she did it.
“Think location.â€ Focus on high rental areas such as those near schools or public transportation. “In my experience, if a property is located near a desired school, finding suitable buyers is easier,â€ Dada says. She’s even found that areas near average schools still rent very well.
Inquire about down payment assistance options. Even with lenders tightening their purse strings, there are still programs that offer down payment assistance to those who want to be homeowners. “If you want to buy a home but don’t think you can save money,â€ Dada says, “go to your local community development organization and ask about special programs.â€
Select tenants wisely. When choosing a renter, be sure to: 1. Do a credit check. Look for delinquencies on the credit report, payment patterns, good referrals from previous landlords, and a solid work history. 2. Check references. Ask for a minimum of four and request that the sources vary–they could represent, for example, a friend, relative, colleague, and previous landlord (if applicable). Ask about the applicant’s character, habits, and cleanliness. 3. Trust your instincts. People present their “bestâ€ when they want something so you have to probe. Despite what appears on paper, if you have any doubts … pass. For more tips, read “Who Wants to Be a Landlord?â€ on BlackEnterprise.com.