 So you want to be a landlord..... Owning multi-unit apartments, condos, duplexes, fourplexes or large residential complexes can be a flexible investment strategy.
You have the option to manage the properties, repairs and maintenance yourself, hire a live-in manager, or contract a property management company to do your marketing, secure tentants and respond to their needs.
Whether you are experienced in landlord-tenant relations and services or considering your first multi-unit purchase, careful evaluation of the property condition is only the first step in determining your profit potential.
Current multi-unit property owners know that unexpected vacancies can quickly diminish returns. Check the vacancy rates over the past few years and carefully evaluate any leases that are currently in use to discover any clauses that may encumber the flexibility of your investment.
Evaluating the maintenance history of costs and services and the age of the building and renovation details can be helpful to project major repairs that could arise in the future.
Shifts in the local economy, plans for development in the surrounding neighborhoods and the demographics of current tenants will all play a part in your property value and cash-flow.
With all of these decisions, the use of competent professional services will maximize your investment to make a confident decison that works best for your situation.
Property inspections provide information on the physical condition of the building and land. Tax professionals and CPA's help provide an approach for financial considerations. Legal professionals provide information on leases and obligations.
And last, but not least, a real estate professional provides valuable services in the property aquisition, which is the basis for your investment.
Contact me to find out how I can help you with your property investment.
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