More Investors Become Landlords

Scores of real estate investors are assuming the role of landlord, looking to turn a profit by renting out their properties. However, landlords must handle several responsibilities aside from collecting monthly rents. As a landlord, you must locate tenants, which can be difficult in markets where investors aggressively compete for renters. Such competition, coupled with an increase in home sales, can force landlords to discount rents. You must also draw up leases, keep track of income and expenditures for tax purposes, obtain adequate insurance coverage and make repairs as necessary. Consider assembling your own network of professionals who can help -- such as attorneys, accountants, plumbers and locksmiths. And if the property is not nearby, you need a property manager.

Source: Investor's Business Daily