Having rental properties is a great way to create a reliable monthly income and these four steps will help you be successful.
- Treat it Like a Business
Having rental properties is not the same as owning your home. You need to have a good business plan that covers all the hidden and unexpected costs you might run into.
- Start Small
Single family properties are the easiest to maintain and require smaller down payments. They’re a great investment for first time landlords.
- Know Your Location
Buy properties in areas you’re familiar with or work with a real estate consultant. Don’t invest in a location you don’t know.
- Take Care of Your Tenants
An empty rental is costly. Make sure you charge a fair price, keep up with maintenance, and remain approachable to your renters so they want to stay.
