If you’re ready to walk in the footsteps of those who have made money investing in and renting out real estate, you’ve got your work cut out for you. However, it’s not necessarily as scary as it might sound, and even the average Joe can make an impact on their income by selling long or short-term time in their empty space. Here are three steps to make it happen and resources you can use while you’re on your way to becoming a landlord, presented by Centerco Properties.
Step 1: Get Your Finances In Order
Obviously, you have to have cash reserves to fund your dreams of real estate ownership. But there is more to it than just the numbers attached to your bank account.
- How Much Money Do You Need to Buy a Rental Property?
- 6 Tips to Buying a Second Home
- How to Repair Your Credit and Improve Your FICO Scores
- Services for Accepting Credit Card Payments
Step 2. Prepare Your Rental for Occupancy
What do renters want? If I add a pool, how do I keep it safe? These questions and more are answered below.
Step 3. Creating a Competitive Rental Business
- Starting a Property Management Company
- Take Steps to Set Up Your Payroll
- Guide to Forming an LLC
- State-by-State Rental Regulations
- Understanding Rent and Security Deposits
Step 4. Don’t Do It Alone
You’re going to wear many hats as a property owner, but there are some you don’t have to don.
There are three key takeaways here. First, you need impeccable credit and money to back up your aspirations. Second, it pays to know where to spend that money. Third, like all businesses, running a rental operation requires help. These links can serve as stepping stones as you learn to navigate the rugged terrain of operating a rental business.