I received a great piece today from REALTOR Magazine’s Daily news about steps to take to become a landlord. It is funny, because today in my office a few of my colleagues were discussing buying rental properties. They traded horror stories about crazy tenents, and great stories about actually turning a profit. As always, there are pros and cons to each side of the story.
It really only takes one sentence to summarize the article: DO YOUR HOMEWORK!!! It is extremely important to know your market, run the numbers, choose your tenants carefully, know the law, don’t bother trying to flip, and HIRE PROFESSIONALS.
If you are thinking of buying a rental, I can help you with most of these 6 Rules, starting by helping you find the right property in the right area, and helping you negotiate a great price. With the amount of homes on the market right now, it might be easier for you to get into the rental business, and I would love to help.
Here are some more resources that may help you: