More Investors Become Landlords

REALTOR® Magazine Online
Scores of real estate investors are assuming the role of landlord, looking to turn a profit by renting out their properties.

Landlords must handle several responsibilities, aside from collecting monthly rents. They must locate tenants, which can be difficult in markets where investors are aggressively competing for renters. Such competition, coupled with an increase in home sales, also can force landlords to discount rents.

Landlords additionally must draw up leases, keep track of income and expenditures for tax purposes, obtain adequate insurance coverage, and make repairs as necessary. They would be wise to assemble a network of professionals who can help—such as attorneys, accountants, plumbers, and locksmiths.

A property manager is a must for those who do not live near their investment real estate. Finally, they should consider purchasing Quicken's Rental Property Manager program to facilitate record-keeping tasks.