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Investing in rental properties is a great way to make some nearly-passive monthly income, and if you do it the smart way, it can be pretty hassle-free. But that’s not to say that being a landlord is easy. If you’re new to the role, there are a few important tasks that should become non-negotiable when renting out your new investment. From finding the best tenants to working with an experienced property management company, here are some top tips for new landlords who want to work smart and turn a profit Choose the right location This one might seem obvious, but you’d be surprised how often people invest in the wrong neighborhoods and end up making less than they expected. Once you’ve decided to dedicate a chunk of your earnings to a brick-and-mortar investment, the next step is to select where this asset should be. Location will determine the success of your rental business, as it will dictate what kind of tenants are available, what the rent will be, and how consistent the income will be. For example, Rochester, NY is currently a hot spot for new landlords, largely thanks to the low cost of living, low crime rate, and excellent infrastructure. This attracts a lot of professionals and young families, which in turn improves the neighborhood. Find the right tenants This is probably the next most important tip that new landlords must not ignore. Screening tenants is essential if you want to make sure you receive your rent on time and in full. No matter how friendly and well-dressed someone is, if they have a bad credit score and poor references they’re likely to be a problem. This is where working with a good property management company can be invaluable, as they’ll screen prospective tenants for you. Stick to your budget When going into the rental business it’s key to have a budget in mind and to stick to it. Unfortunately, there’s no guarantee that your expected rent will come in every month (for myriad possible reasons), so be sure you have a pot dedicated to regular maintenance and repairs, as well as emergencies. Invest in your investment Speaking of maintenance, another key tip is to regularly inspect your home. Hopefully, with good tenants, it will remain in good condition, but you still have to account for things like everyday wear and tear. If you stay on top of small issues, not only will it keep your tenants happy, but it will save you money in the future, as small problems won’t become big ones. If you’d rather not spend your time keeping track of maintenance issues, your property management company will be more than capable of handling it. Work with a great property manager Covering all the above issues, last but by no means least is the advice that you should absolutely enlist the services of a property manager. Working with a professional property management company can take away almost every potential headache an independent landlord has to deal with. From difficult tenants and collecting rent to dealing with a leak, your property manager will sort it out – it really is a no-brainer. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic service for both commercial and residential properties, when you’re looking for a property management company in Rochester, NY, Torres Turn Key brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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