Don’t let the fear of being a landlord keep you from looking into purchasing investment properties. In fact, investment properties can generate great passive income and there are several options for managing the property that can make you a passive participant.
Consider taking a landlord
If you do not think you can manage your investment by yourself, be sure to calculate property management fees into your strategy. Be sure you learn about fair housing laws and other laws that pertain to the property you are considering purchasing.
Consider taking a landlord or Property Management class to learn how to select tenants, screen them to be sure they qualify, etc.
Be aware
Be aware that many condo complexes have rental restrictions. You will make sure you have covered all these before proceeding.
If you choose a home that needs a lot of repairs you will get more phone calls from the tenants, and you may have more liability if protections like smoke detectors, safe electrical systems, etc are not in the home.
Choose your strategy
Choose your strategy. Generally, you get good cash flow or better appreciation. Homes in suburbs of SLC tend to cash flow better because of lower price points but do not go up in value as much as areas like downtown, sugar house, near universities, etc.
If you limit or deny pets, you will limit your pool of potential renters. If you allow pets, be sure to get pet deposits and pet rent.
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