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Purchasing property and becoming a landlord can be a great way to make a profit. If done correctly, it can be extremely lucrative — however, by the same token, if done in the wrong way, it can become a financial and emotional millstone. But what do we mean by the “wrong way”, and how can you make sure you don’t fall into the traps awaiting the inexperienced investor? Don’t worry — the answers are relatively simple. In recent years, Rochester NY has become a popular place for the first-time property investor looking to become a landlord. This is down to the city’s viability as an investment hotspot, with its enviable standard of living, burgeoning infrastructure, and thriving employment opportunities. According to a local property manager, Rochester NY has become one of the most impressive places in the country to invest, in terms of profitability. The caveat to that is remembering the following three points. It’s a Business This is often a hard one to come to terms with — particularly in the first instance when you’re deciding what house or apartment (or, indeed, commercial unit) to purchase. This is where experts recognise the importance of enlisting the early help of a property manager. Rochester NY’s local market is very diverse, and your choice of property will depend on a range of factors. But beyond the purchase, once you have committed to the investment as a business, you’ll need to establish realistic expectations in terms of rental income, budgets, and cashflow. Remaining objective and making all your financial decisions based on fact rather than emotion is imperative to your ultimate profitability and ongoing success. Again, this is the beauty of having a good property manager to advise you and plan accordingly. You Have Legal Responsibilities We all know “location, location, location” is vital in real estate, but “compliance, compliance, compliance” is just as important for a landlord. Along with ensuring water-tight and fair lease agreements, there’s a host of legal requirements and responsibilities you need to adhere to as a landlord. There are several levels to be aware of, including local by-laws and over-arching national laws in terms of tenants’ privacy, your responsibility to provide safe, habitable accommodation, and much more. For a new investor it’s virtually impossible to be across everything, no matter how diligent you are, which is why your property is best put in the hands of a professional to manage. The last thing you want is to be on the wrong side of the law when it comes to taxes, legislation and tenants’ rights. Your Property Manager is Your New Best Friend It may sound like a cliché, but if you want to be a profitable landlord, your best friend isn’t your tenant, it’s your property manager. Rochester NY experts are skilled not only in all the aspects of running your investment (vetting tenants, collecting rent, drafting leases, maintenance, etc), but their knowledge of the local market is also invaluable. If you make contact with a local company before the purchase of a house or apartment, you’ll have the best chance of becoming and remaining profitable from the ground up — so to speak! It's for the very reason that this relationship will be the most important in your investment journey that you need to do your homework when it comes to choosing a property manager. Rochester NY has numerous reputable management companies, and the advice from most experts is to go with one that offers “full service” — which means they’re happy to be there to advise you from the get-go, then be there to take care of every aspect for the life of your investment. 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 manager, Rochester NY, the company 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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