Buy-to-let without landlord experience, and you might be thinking you’re getting yourself into a world of problems. Yet you don’t even have to be the landlord. You are going to be the owner, but you can get a property manager to do most of the work as the landlord. You will still have to take care of insurance, taxes, repair decisions and run your business, but you get the idea. You won’t have to be the one collecting rent and overseeing the property and tenants.
In fact, you can put a property manager in charge of making sure the place isn’t vacant. Vacant properties aren’t making you money. After you accumulate several properties, you might not want to oversee them all anyway. You might find yourself wanting to hire a property manager at that point, so maybe you would consider hiring one now.
When you buy-to-let without landlord experience, however, you don’t necessarily have to hire a property management team. You can if it fits your needs, but you can also study up on how to be an excellent landlord. Hey, it might actually be a whole lot of fun. You already have the interest in buying investment properties and leasing them out. If you have the time, then you can be the property manager, too, or the landlord.
This can especially be good when investors are first starting out and only have a few properties. You might find that you have the time to be the landlord, and you don’t want to have to pay a property manager to do the work. After all, an expense like that can mean less profits. Yet as you accumulate more properties, you might find that having a property manager isn’t just necessary but can actually save you money.
You want those properties in good shape. And if you have too many properties for you to handle yourself, you’re going to need help. Not knowing how to be a landlord isn’t reason for you to think that you have to absolutely hire a property manager though. You can do it! You just have to know the laws and get your business affairs in order before you start leasing out properties.
You will be a good landlord if you are passionate enough about your business and ready to run it daily. You will have to know the laws for sure, and you will need to have lease agreements drawn up. There are plenty of people who make mistakes when it comes to the professionalism of their rental business in regards to leases.
Don’t be in that group of people. Take on your business correctly, and you will soon have the experience you need. But remember as you continue to accumulate investment properties, you might just want to go ahead and hire a property manager. You will know when it’s time to do that. Until then, prepare for the adventure of being the landlord, and it’s something you will likely enjoy. Put those customer service skills to work.