According to the IRS, more than 10 million Americans include rental income on their taxes each year. There are both new landlords and well-established landlords buying up rental properties all the time and using them to generate passive income.
If you'd like to join them, you're welcome to purchase your first rental property and become a private landlord. You can then either hire a property management company to help you rent it out or turn it into a for rent by owner property in Atlanta.
Before utilizing it as a for rent by owner apartment or home, though, you should know the responsibilities that'll be associated with it. Here are four things you'll need to know about for rent by owner properties in Atlanta.
1. You'll Need to Get It Ready to Rent
Prior to renting out a for rent by owner property in Atlanta, you'll need to get it ready to go. This will include making necessary repairs to it, maintaining certain aspects of it, and cleaning it from top to bottom.
Make sure you're prepared to get a for rent by owner property ready to go before you buy it. It might require you to put in your fair share of work from the start.
2. You'll Need to Decide How Much to Rent It For
In addition to getting a for rent by owner property in Atlanta ready for tenants, you'll also need to figure out how much rent you're going to charge for it. It'll be very important for you to land on the sweet spot in terms of price.
You don't want to list a for rent by owner property for too much and have it sit on the market for months. You also don't want to list it for too little and miss out on the opportunity to generate extra passive income every month.
3. You'll Need to Market a For Rent by Owner Property
In a perfect world, you would be able to stick a "FOR RENT" sign in front of a for rent by owner property in Atlanta and rent it out right away. But things won't always work out like this.
You might need to work a little harder to rent out this kind of property. You'll be in charge of finding ways to market it effectively so that people hear about the property you're interested in renting to tenants.
4. You'll Need to Handle Screening Tenants for It
Once people start showing an interest in your for rent by owner property in Atlanta, you'll have to begin screening potential tenants. The last thing you want to do is let the first person you can find rent your property without doing any research on them.
You want to be sure a tenant can afford to pay the rent you're asking for. You also want to be sure they're going to take great care of your rental property.
Consider Hiring a Property Management Company to Help
Wouldn't it be nice if you could avoid doing all this work when renting out a property in Atlanta? Then you should think about hiring a property management company to assist you instead of making it a for rent by owner property.
PMI Atlanta would be happy to help you. Touch base with us to get more information on our services.