If you’re a fan of any one of the long list of real estate-related television programs that have popped up like wild flowers over the past few years, then you may already know how “easy” it oftentimes looks to get a property into tip top shape and find the ideal tenant. Yet, while this may make the role of a property owner and landlord seem easy, the reality is that owning rental property – and finding the right renters – is not only hard work, but it can also wreak havoc on your stress levels.
The good news is that there are some things you can do to help make these duties less stressful on you – physically, financially, and emotionally – while at the same time still profiting from your property investments.
One of the first things you should focus on is knowing what type of property (or properties) will rent best in your particular area, as well as what the average monthly rental rate is. There are several ways that you can go about this in order to come up with the most accurate figures.
For example, talking with investors who are already well-established in the real estate rental market can be extremely beneficial. These individuals can typically be found at local real estate investment club meetings. But you could also do some research on properties that are currently for rent in your desired area, and simply pick up the phone and give the owner or landlord a call.
When you move forward with the purchase of an investment property, it is imperative that you obtain the right type of financing so that you can ensure yourself of the proper cash flow. In this case, the mortgage will usually be your biggest cash outlay. So therefore, it is your most important expense consideration. Here, if you just can’t make the numbers work, based on your anticipated income versus outgo every month, it is best to pass on the potential purchase and move on to something else.
Knowing the amount of time that owning and managing rental property takes can also be a key to keeping your stress level in check. In this case, if you just simply don’t have the time that will be necessary – but all of the other components of the deal look good – it could be wise to consider hiring a property manager.
In doing so, you can free up a considerable amount of time and effort with regard to finding and managing tenants, as well as coordinating and making any needed repairs. For more information on how you can work with an experienced property manager in Orlando and the surrounding Central Florida area, give us a call today.