Become A Landlord

Dated: 03/25/2020

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You may be hesitant to become a landlord but if you’re up to the task of dealing with tenants, it can be a lucrative way to earn a steady income. You’ll need to be prepared for the maintenance costs that come with renting your property as well as the capital to cover the months where your rental may not be occupied. However, the benefits can far exceed the possible pitfalls. It’s a great source of regular income and there are tax deductions that you can take advantage of.

 

Some things to consider before taking the jump include how much responsibility you’re willing to take on personally versus hiring a property management company. Are you willing and able to be available for your tenants with short notice or at odd hours?

 

Think you’re ready to become a landlord? Congratulations! You’re going to want the perfect property. For many landlords, this includes a residential home with little or no maintenance. You’ll also want to consider the school district, neighborhood amenities and anything else that may be appealing to a potential renter. Most importantly, you need a property that’s going to yield a profit. At the end of the day, you need to charge enough in rent to cover your mortgage, taxes, and regular maintenance with enough left over to produce a profit.

 

Keep in mind that having a rental property is a long term investment that may not pay off right away. You may have to adjust rent as the market changes which can mean taking a loss in an effort to keep your property occupied. To keep you motivated, remember that your property in likely appreciating over time and when the day comes that your mortgage is paid off, all of your rent becomes profit.

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Lee C. Milligan

Graduate of the University of Georgia with a Bachelors in Speech Communication. Lee is a native of Atlanta and raised in Alpharetta. She is familiar with all parts of town both inside and outside th....

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