Florida can be a great place to own rental property. With the year-round warm weather – along with the myriad of things to do, such as going to the beach and visiting the theme parks – the Sunshine State oftentimes “lures” visitors in and turns tourists into part- or full-time residents. Before purchasing a home, though, many of these people rent – and that can provide a good opportunity for residential real estate investors.
What if you want to take advantage of monthly income and equity growth, but you reside hundreds, or even thousands of miles away?
There are actually several ways to do so, such as:
- Setting up digital payments
- Making regular visits
- Hiring an experienced property manager
With the ease of online payments today, it doesn’t take long to set up a system for your tenants to pay their rent digitally. Oftentimes, these programs will work in conjunction with your renters’ bank, so that the cash is automatically swept over to you from a checking or savings account, or even from a credit card.
Going this route can alleviate the frustration of having to chase tenants around every month to collect their payments. It can also provide certainty in knowing exactly when to expect the rent to come in.
Another priority is making regular visits to the property. Depending on how far away you live, you may be able to check on your investments on an annual, quarterly, or even a monthly basis. If this is not possible, working with an experienced, local property management company could be the answer.
In doing so, you can designate a long list of time-consuming tasks like rent collection, regular maintenance, and responding to emergencies. In some cases, a property manager may also provide financial reporting for you. So, if you own residential investment property in or around Orlando, give Central Florida Property Management a call to find out more about our services.
