So, You Want to Be a Landlord? 3 Questions to Ask Yourself

As an investment, property has always been a consistent and appealing prospect — both to those already on the ladder and looking to grow a portfolio, and new investors dipping a tentative toe in the market. It does take a certain kind of person to become (and stay) successful as a landlord, but that’s not to say it’s the domain of the wealthy and/or business minded. What it does require is a generous dose of realism and common sense, and the ability to listen to the experts — which is possibly the most important piece of advice you’ll ever receive.

To that end, here’s what the experts say are three vital questions to ask when you’ve decided to become a landlord.

Question One: Where Should I Purchase?

The most basic decision you’ll need to make when you decide to become a landlord for profit is the location of your investment. This may be governed by circumstance and budget but, as an example, one of the most appealing and profitable cities in the country to invest is Rochester, NY. Situated on beautiful Lake Ontario, it offers a great standard of living, fantastic infrastructure, and excellent employment opportunities. All this makes it appealing to a wide range of demographics — something that’s very important if you’re to draw from a large pool of qualified prospective tenants. The city has become renowned as a sound and attractive venture for landlord investors, with strong economic growth and high demand for quality rentals. According to one high profile property manager, Rochester NY, even if you don’t live in the area yourself, you can maintain a profitable investment here.

Question Two: What Kind of Property Should I Purchase?

According to many a professional property manager, Rochester NY is popular with investors because of the sheer number of high-quality properties available. They span the market — with everything from student-friendly studio apartments and luxury penthouses to spacious family homes and commercial shops, warehouses and units. The beauty of having the advice of an expert is that they’ll be able to discuss your budget, expectations and financial goals, then identify the best choice for your personal situation.

Question Three: Do I Need a Property Manager?

This is a decision that’s entirely up to you — and some people do choose to “go-it-alone” and manage their own investment as a landlord. However, for the uninitiated, it can be a difficult path and, unfortunately in many cases, a disastrous one. If you make the wise decision to enlist the help of a property manager, Rochester NY has some excellent local companies that will be able to assist you at every stage. Particularly for a new investor, partnering with a “full service” agency is your best bet; it’s even better if you enlist them early in the process, before you start your house or apartment search. Being across the local market, they’ll be able to help you identify where you should purchase, and what you can expect in terms of rental income. They’ll then take over the task of finding qualified tenants, collecting rent, any emergency repairs, maintenance or tenant issues and, very importantly, ensuring you remain legally and ethically compliant in terms of your landlord responsibilities.

When you have the expertise of a professional property manager, Rochester NY is one of the very best places to make a profit as a landlord. Research the local management companies in depth before you make any decisions, and make sure you feel confident that your choice is right for your personal financial situation and future goals.

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Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic service for both commercial and residential properties, when you’re looking for a property manager, Rochester NY, 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.