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 Management has listed our top tips below 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.
• 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 Responsibility 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, find you a responsible renter, and collect rent. Additional duties include handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.
If you are renting in the Greater Baltimore, Maryland area (Baltimore County, Carroll County, Howard County, Frederick) then we can help.
How Can LMS Property Management, Maryland Help you Get Passive Income from Your Rental Property? Call us today to discuss your needs or fill out the form below.
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