There is no greater long term investment in real estate than a quality rental property. The right rental will not only provide short term cash flow in the way of surplus rents received, but can give you the potential for appreciation years down the road. All the while you can take advantage of many tax breaks afforded to rental property owners. To maximize your rental property bottom line you need to manage it wisely. Ideally, you will have enough cash flow to hire a dedicated property manager and let them run everything for you, but this isn’t always the case. There are times when self-managing the property makes the most sense for a variety of reasons. To get the most from the property you need to be savvy in a number of key management areas. Here are the five biggest challenges with self-managing a rental property.
One of the great things about investing in real estate is that anyone can do it. However, you need to know exactly what you are getting into and how to run a rental before diving headfirst into one.