Advice for First-Time Landlords
Moving into the realm of real estate in Atlanta can be a personally fulfilling and financially rewarding experience, especially when you go into it with the proper skills, knowledge, and mindset. If you are considering becoming a landlord for the first time, be sure to conduct some research so that you are equipped with these tools before beginning the process. Keep reading to learn a few tips for first-time landlords.
Use a Property Manager
When you first become a landlord, you will be charged with the task of finding tenants to rent your property. This may be difficult if you have no prior experience in real estate, but there are options for even the freshest of faces. Consider hiring a property manager to direct attention towards your rental property and find tenants to occupy your house or apartment. Although hiring a property manager may be an expense you had not considered, it is one that will pay for itself over time. You’ll be able to rely on your property management firm to find you tenants and address their needs.
Consider Your Location Carefully
If you are looking to purchase a property to rent, be sure to pay extra attention to location. Beachfront properties with gorgeous views always tend to garner attention, and city apartments keep people right in the thick of the action. Since your rental property is an investment, it is crucial that you consider the prospect of your property appreciating. Stable areas or neighborhoods that are on the rise have a greater chance of appreciating in value over time. Although appreciation is never a guarantee , general inflation may appreciate the values of many different areas.
Account for All Expenses
As the landlord, it is your responsibility to make sure that the property stays in reasonably decent shape. Keep in mind that there are many factors at play in this situation, and not all of them are controllable; you must be able to afford any repairs that your property requires so that you can continue to rent it out.