|Posted by email@example.com on June 23, 2012 at 3:00 PM|
Being a landlord and simply renting your place for cash flow is not an easy thing to do. In West Chester, Exton, Downingtown, Malvern, or Phoenixville, your competing with professional property managers and savy landlords and investors. It's not the monthly rent or mortgage that separates good landlording from bad, it's managing the turnover of tenants of your rental property, single family or townhome.
Remember to plan for marketing expenses, vacancy, painting, cleaning, carpet steaming, powerwashing and staining of the deck, and also appliance maintenance and small jobs and repairs. If you plan and do these things well, you'll be rewarded with a good return on your investment. On average, without large expenses like replacing your carpet or roof, plan $1000/year for maintenance on your rental property. Some years will be less, some will be more, but they'll even out for a townhouse. Also, make sure you get the right crew to do the job. Contact your property manager or have a good team, because you get what you pay for. The lowest price people may be late, and time is money, or they may do a job halfway, and your quality is gone.
These are some things to consider and plan for. Most likely, your first conversion from a home into a rental will be your most expensive and in the future, many of these items may be burdened by tenants depending on how they treat the property. If you have any questions, call or click Bell Tavern Property Services.