Thinking of Becoming a Landlord in Hampton Roads?

Becoming a landlord in Hampton Roads can have a particular draw to some people, but are you one of them? Renting out your property can be a profitable business for some and a nightmare for others. The process can be broken down into positives and negatives. If investors can handle the negatives, then the positives can be impressive.

Let's first look at potential cons that come with being a landlord. This activity is not for the timid; if you'll be handling your rentals, you'll need to stick to your guns when it comes to lease guidelines. Those with soft hearts could have trouble if tenants don't make timely rent payments and start sharing sad stories. The next thing to consider is maintenance. Handy folks won't have issues in this department, but unskilled landlords will need to hire trustworthy contractors they can count on throughout the seasons. Cash flow can be one more problem area. Positive monthly cash flow can be the difference between a successful investor and a hobbyist investor.

Now let's focus on the pros. The main reason to rent out a property is money. If the lure of earning money this way sounds appealing then being a landlord could suit you. Similarly, renting out property helps owners create investment portfolios and allows them the opportunity to build wealth over a long-term timeframe. Another reason to rent out a home is flexibility. If you're moving out of an area and aren't sure if you're coming back, renting can be a sensible solution.

Still thinking about taking the plunge? Be sure to get the help of an experienced real estate agent who knows how to spot a wise investment, and you can become a thriving landlord in Hampton Roads.

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Categories: Home Buying Real Estate Investing

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