Becoming a Landlord: Do You Have What it Takes

Purchasing an apartment, house or commercial property and making a profit through rental income can be an excellent investment — but it’s not for everybody.

You might not think there’s much to it: purchase a place, install a tenant and receive your rent money, right? On the surface that is indeed the way you go about it; but there is a lot more involved, and you really do have to be a certain type of person to manage everything.

Rochester NY has, in the past decade or so, become a lucrative place to invest in property, with its great standard of living, employment opportunities, and excellent infrastructure. It’s a desirable place to live and, therefore, a good place to invest.

Below are the traits rental property management Rochester NY professionals say are required to be a successful landlord.

Be Realistic, Patient and Resilient

It’s important to identify and fully understand not only your financial position before you make any big purchases, but also your long-term financial goals. This requires that you are completely honest, so that you don’t make decisions based on emotion. You need to be real about how much you can afford to borrow, how much risk you can carry, how much you expect to profit (this can be a tricky one!), and how being a landlord will affect your day-to-day commitments.

A key aspect when it comes to your expectations is the correct calculation of rental yield — how much money you’re left with after all the expenses are taken out. This is where you should ideally get help from professional rental property management. (Rochester NY experts can help you with this before you even start looking for a house or apartment to rent out.) Property investment is rarely a get-rich-quick scheme, nor is it a one size fits all — so along with the need to be realistic you must be prepared to be patient and resilient in case of setbacks.

Be a Good Communicator

Good communication is imperative if you’re to succeed as a property investor/landlord. It’s vital that you stay on top of every aspect of your investment: from any maintenance and repairs needed to the suitability of your tenants, staying compliant with local laws, and managing your mortgage repayments alongside regular lifestyle costs. While a good property manager will deal with tenants and contractors, you may at times need to get involved. The most important relationship you’ll have is the one with your rental property management. Rochester NY has some excellent companies, but it’s extremely important you feel confident and comfortable you can build a healthy and communicative relationship with whoever you choose.

Put your Trust in the Experts

Even if you’re a seasoned investor with multiple properties, there’s no shame in not knowing everything. If you’re about to buy a first property and become a landlord, that goes hundred-fold and, when you’re serious about long-term financial goals, consulting experts is a no-brainer. This goes for taxation requirements as well as professional help to manage every aspect of the rental process.

Most people don’t have the time or the knowledge to take care of the day-to-day running of things, which can include (but is not limited to) selecting appropriate tenants, taking care of maintenance and urgent repairs, ensuring vacancies are minimized, rent collection, and compliance to legal requirements. All those things and many more will be taken on by your rental property management. Rochester NY is a big city and there’s no substitute for local knowledge — this applies to the initial choice of house or apartment, so it’s a wise idea to enlist their help even before you begin your search.

Do you have what it takes to be a successful landlord and make a profit? Only you can decide in the end, but if you are able to see the above traits in yourself it’s a very good start.

Author Plate

Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience providing a holistic service for both domestic and international investors. When it comes to rental property management, Rochester NY investors can rest assured they are in good hands. The city is one of the most exciting places to invest in both commercial and residential properties and the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.