Market conditions are changing so be cautious when signing a lease longer than a 1 year term. After the one year term, You & your tenant have the option to extend and the contract can go month to month with either party having the option to end the contract with  60 day written notice. Flexibility at this time is important in case we see a sudden shift in the market or your investment plans change. You can always sell the condo unit with a tenant in place but it limits you as you are only marketing your unit to Investors and not end users. Also don’t forget to maintain landlord’s insurance to protect you from any damage caused by something like a leaking faucet. $250/year can save you lots of money in the future.

I also tell my clients to ensure the tenant maintains a liability insurance plan of a minimum of $1 million to protect their contents along with any accidents that may occur on the property. For more information or advice on real estate as an investment, please do not hesitate to contact me.