How to Lease Residential Property for Profit?

Basically, there are two ways to make money off your real estate investment. You can sell it at a higher price, or rent/lease it out. Finding possible buyers is not much different than finding possible tenants for your residential types of properties

GST on Renting of Immovable Property from April 2020 - Faceless Compliance

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You can place ads at apartment complexes, shopping centers, and the local newspaper. Then you can hold open houses, arrange appointments to view the property and negotiate terms.

The most obvious benefit of renting out your residential property is that you earn money while still holding ownership over the property. Although it may sound great there can be problems. You could possibly get a bad tenant that skips payments or damages the property during his/her stay. 

Of course you have the authority to kick them out but the damage has already been done. You now have to deal with the costs of repairing the property, losing out on the earnings that would have been earned while you find another tenant, and the devaluing of your property because of the damage.

To avoid bad tenants you need to screen them by asking them to fill out a rental application form. You should ask for all the information necessary to do a background check, evaluate their ability to pay, and you can ask for information that could be used to track them down incase they damage your property and skip town.