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What is some advice you can give me about managing a rental property?

asked by Sean59 (46)

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Tags:  advice  careers  real estate

answers

You'll need to do a lot of work -- keep track of payment and expenses, organize repairs, and occasionally evict tennants. Consider a property management company so you aren't overwhelmed.

reply
posted by qwe123 (74)
7 votes

A rental property can be quite lucrative but can quickly turn into a disaster if you are not careful. The best advice I have is to be involved in the property. You can't just expect the rent to come in monthly and expect all to be well. Make sure you observe the site to ensure all is well.

6 votes

Always have a contract as to what the rights and responsibilities for all parties is. Have a lease in place before anyone moves in.

5 votes

The most important aspect of successfully managing a rental property is to respond in a timely manner to tenant requests.

4 votes

Honest business people make less money than the dishonest but can look themselves in the mirror. Be a good landlord and look for and rent to good tenants. You will make less than a slum lord but you won't find your name on the news for bad property management practices.

4 votes

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