New Landlord Mistakes
Posted on August 5, 2016
Around here, investing in Destin, Florida real estate is almost as common as going to the grocery store. The area is bustling with tourist traffic, military life and dozens of people looking to relocate. Which all in all, makes buying a home or condo for sale all the more appealing. Even so, becoming a “landlord” isn’t always the easiest way to make money. More often than not people forget that managing a property takes time and effort.
In most cases, it’s usually best to leave the managing to the experts… Someone who cares about maximizing your revenue as much as you do, but if you are going to go it alone, here are some common mistakes new landlords make:
- Miscalculating Costs: Knowing the potential rental income isn’t the only part of a decision in buying a home or condo for sale in the area. You need to factor in the costs to maintain the home (repairs and reconstruction included).
- Not Treating it Like a Business: Managing your own investment property requires the mindset of a business professional. If your home has been on the market for a reasonable amount of time, do your research and find out WHY it hasn’t been rented.
- Don’t Take Shortcuts: Time is money for a landlord and you can use a lot if you skip the necessary steps to find the RIGHT tenant. Always require a lease agreement. Always run a credit check. And always call references.
Are you still thinking about buying a property to rent out short term or long term? Consider talking with Southern’s local property managers in Destin, Florida before you decide to go it alone.
Posted in: Real Estate Tips, Residential Leasing, Vacation Rentals |Tagged: Destin, Landlords, property managers, Property Managers in Destin, real estate in Destin, Southern Residential Leasing, Southern Vacation Rentals.