With the year 2019 now in full swing, there are many people who are starting to move ahead with their New Year’s resolutions – and a majority of these will typically have to do with financial matters.
If one of the key items on your financial to-do list includes becoming a landlord in Orlando or the Central Florida area, though, there are some important tips to keep in mind prior to making this type of financial commitment.
That’s because, while you can certainly earn a nice stream of income with rental property, one wrong move could end up costing you. With that in mind, the following three pieces of advice can help to keep you on track.
- Choose the right property. First and foremost, not just any property will work as a money-making rental. Before you commit to a property, run the numbers – and then run them again! Here, for instance, you have to be certain that your rental income will exceed the amount of your carrying costs, property maintenance, and any possible emergencies that could come up.
- Realistically anticipate maintenance costs. Even without a leaky roof or broken appliances that need to be fixed, you could still end up spending a great deal of money on property maintenance. These expenses can include landscaping, cleaning, painting, and a whole host of other items, depending on the type and size of the property (or properties) you purchase.
- Screen potential tenants. Allowing anyone to move into your property should not take place before the potential tenant has been thoroughly screened. It has often been said that the quality of your tenants will be a key determinant of your overall investment success. There are numerous tenant screening services that can provide you with a plethora of information.
If managing and maintaining your investment property seems like a lot of work, that’s because it is. But by working in conjunction with a property management team, you can ease the burden on yourself, while at the same time still profiting from your property.
Want more details on how an experienced Orlando property manager can benefit you? Contact Incentive Properties today.