To be a landlord you need a property and it is best to start of with the types of properties that you can own and the advantages and disadvantages that are associated with them. The lowest varieties include single room occupancy to the highest possible one like a luxury home. The profit also depends on the amount you can spend initially and the type of connections you have because to let out properties on the high end needs good recommendation.
Single room occupancy and trailer parks are generally properties where the people come to stay for a short period, usually not more than a week. In both cases there is a steady flow of cash but at the same time regularity must be kept for the purpose of rent collection and this can often become a hassle. Besides, the trailer parks need much maintenance and dealing with a large number of tenants creates more problems simply because of the numbers and proximity of the neighbors.
One of the most popular categories of houses that people prefer to own as a landlord is the ordinary houses or duplexes. These are reasonably priced and most of the times with the financial backing from mortgage operators one can easily come to own one. The tenants who come to live here are much peace loving people than those coming to live at the low end facilities, hence your pain level is quite less. Duplexes are again the better option than the single storied ones because though not costing double than that of a single storied house, the rent collected from such a property is almost double. Such a property with two bedrooms have proved to be the most popular of all forms of housing as well as found to be always occupied since the amount involved as rent is payable by a wide section of people. So if you invest in such a property then you may be a satisfied landlord with a steady supply of tenants in all conditions.
Then you have the high end properties that cost more to buy and the cost of maintaining is also high. But in such cases a few properties, if you can afford, can churn out good revenue. It is up to you to decide on such things. Now, to start of as a landlord you need to make your property tenant ready. It may mean various things at various places. Some places may mean simply a room with a roof and doors and windows, while in other places it might mean additional things like kitchen appliances, laundry facilities, bathroom fittings and a few other materials. You have to be aware of what is attracting tenants. A thumb rule you can follow is that a beautiful house will attract the most tenants.
As a first time landlord you might find starting the process very intimidating. But do not worry as there are services available for the owners which do everything from arranging the house to attracting the first customers. To be safe from future hassles of a rouge tenants, these agencies also verify the credit history of the possible tenants and also criminal history if needed. These agencies also look after the agreements with the tenants and also provide for the maintenance of the property. They also collect the rent and issue late fine notices if necessary. So starting of with a new property is not very difficult. No harm in giving it a try.
Onyx Management Group, Inc. is a full service property management company currently servicing residential and commercial properties throughout Greater Philadelphia, Bucks County and Montgomery County. With our highly detailed approach to overseeing properties of any size, we provide our clients with the benefit of ownership without the burden; dedication to our clients has been a major factor in our success. Whether you are looking to rent or lease in the Greater Philadelphia, Bucks County or Montgomery County areas, give Onyx Management Group a call. We've made the Greater Philadelphia, Bucks County or Montgomery County area home for ourselves and for the many satisfied tenants and business owners we've worked with over the years. Thanks for visiting this online residential and commercial real estate property management source.