Carnahan Property Management – Woodland Hills and Calabasas
So you have been saving money for awhile in hopes of investing in a rental property and want to become a landlord. Now is probably the best time to do so. The key to buying a successful investment rental property is to buy at a great price, put a large sum down, and buy soon while market prices are still low. Now there are downsides sometimes to being a landlord, such as times when tenants call you at 12 am and there is a water leak. If you want to own an investment rental property but do not want to manage it, there are many property management companies that can manage your rental for you and handle these types of situations for you.
When buying an investment rental property, you should not buy homes that need a lot of work, unless you have plenty of cash on hand. In helping with your budgeting you should have a reserve fund for repairs and vacancy as there may be a month or two that goes by without tenants in the property. If you are not a handyman, find one that your trust to handle all types of repairs for you as repairs will likely come up during your tenants tenancy at the property.
Landlords should plan on trying to get a 10% return on their investment property. Landlords also get a tax break for depreciation, which can add to the bottom line. The last thing for landlords to know is properly screening tenants, as this is the difference maker in making your rental property an easy or difficult investment. If you are not experienced in being a landlord or screening tenants, property managers are great at doing this for you for a fee. These property management companies know the rental market and are a great help to beginner landlords.