One reason many prospective real estate magnates hesitate to invest in rental properties is that they don’t think they will make good landlords. If this describes you, fear no more. Remember these five key points and you’ll have happy tenants and a healthy income stream.
1. Set a Reasonable Rent
Set your rent based on local information. Check the local papers for other apartments in your neighborhood. What are they charging? What are the amenities? How do your units compare? You can also join a local apartment owners’ association and find out from them how the local rental market is doing. Members are often honest about their rents with fellow members. And you can learn from people with years of landlording experience.
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