Are you thinking about trying to break into the real estate market? While you can turn on the television and catch a show about flipping homes at just about any hour of the day or night, programs that explain how you can make money as a landlord aren’t nearly as easy to find.
Although you may be hard pressed to find a show about being a landlord, there are house rental agencies spread throughout the country for a reason. And that reason is that there’s money to be made as a landlord and property manager.
That is, there’s money to be made as a landlord if there’s enough demand for rental property in your local market. If there’s not enough demand or the market is already flooded with rentals, you may want to consider buying and renting out an investment property in another location. Even if you do find a tenant in a market that’s crowded with vacant rentals, it’s unlikely you’ll get top dollar for your unit which will decrease your rate of return.
The Law and Community Restrictions
There isn’t much point to buying a property with the intent of renting it out if you’re not allowed to rent property in the area. You need to research the laws governing the location where you want to own a rental. You should also learn the rules that homeowners in the community need to abide by to ensure the HOA doesn’t have any restrictions against people renting their homes to third-parties.
Even after you learn the law and community rules, you still need to become familiar with the rights you’ll have as a landlord. You’ll need to familiarize yourself with the rights your tenant will have as well to make sure you don’t violate them at any point.
When you rent a property to a tenant, it’s not as simple as collecting rent every month and depositing the money in your bank account. Instead, you’ll quickly learn that the saying “you need to spend money to make money” applies to being a landlord. In addition to spending money up front to get your property into a rentable condition, you’ll need to cover some recurring costs as a landlord.
Even if you own your investment property outright, you’ll still need to pay property taxes. To free up time to pursue other projects, you’ll have to pay a management company to handle your rental. Maintenance, advertising and insurance are just a few of the other expenses you’ll need to cover on an ongoing basis for however long you own your rental property.
Home Rental Agencies in Charlotte, NC
Of course, before you have to worry about paying a property management company to manage a rental property in the Queen City, you need to find the one among all the home rental agencies in Charlotte, NC you can trust. As you’ll see, you won’t need to look beyond SRP Realty & Management to find a home rental agency you can trust with your single or multi-family rental property or your commercial property.
Learn about our property management services and see why SRP Realty & Management is the agency you should trust with your Charlotte, NC-area rental property now.