Westminster, Maryland Guide to Renting Your Property
If you are searching for passive income you may have researched renting a property. Rental property can be a great source of income or a headache. LMS Property has listed top tips to make your rental a success. We help clients use their rental opportunity to build wealth and achieve monthly cash flow in the greater Baltimore, Md area.
Top Tips for Renting Homes or Property:
• Start Small – you may want to start with a single unit or duplex rather than the entire apartment.
• Accurately estimate rental income and the costs associated with leasing – Monthly expenses may include the mortgage, taxes, insurance, lawn and pool maintenance, property management (if needed) and insurance. Also factor in your down payment if you are financing the purchase. View our FAQs
• Don’t over-improve the property – Don’t spent too much on upgrades as you will probably have to do maintenance and repairs.
• Understand the Responsibilities Involved – Is being a landlord an obligation you can handle? We would be glad to discuss how a property management company can help you with this. Property Management Companies deal directly with prospects and tenants. They save you time and worry over marketing your rentals, finding responsible renters, and collecting rent. Additional duties include handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.
Flexible Property Management Solutions
At LMS Property, we understand that every landlord’s needs are different. That’s why we offer flexible solutions: you can choose to have us handle the entire rental process and property management, or you can opt to manage the property yourself with our support and guidance.
If you are renting in the Greater Baltimore, Maryland area (Baltimore County or Carroll County) then we can help.