Owning rental property is a timelessly successful way to bring in extra income. If single family homes are a great investment, then multifamily units can be even more lucrative. However, it can be difficult to manage the tasks required to rent several properties to multiple tenants, particularly for the novice investor. The expert property managers at DKRentals.net have many years of experience managing multifamily properties in Atlanta, Roswell, Alpharetta, Marietta, Cumming, Norcross, Stone Mountain and College Park, Georgia. Over time, we’ve learned a lot about how to balance the many responsibilities that come with owning multiple rental homes. If you’re considering purchasing a multifamily rental property, here’s a few tips that can help make the process easier.
Have a Plan
If you haven’t yet purchased your property, it’s important to be prepared with a strong business plan. Be aware of any potential costs such as permits, replacing carpets and fixtures, plumbing and electrical services, etc. Depending on the age and prior maintenance of the property, these expenses can add up quickly and deplete your profits. Know what it takes to keep your property going when it’s vacant, and how much income you can expect to earn when at full capacity. Be sure to include property taxes, insurance and other financial items that can go unrecognized when planning a budget. You’ll want to know market projections and local rental prices so you can compete with other landlords in your area and go in with realistic expectations.
Find Excellent Tenants
A perpetually vacant rental unit can quickly become a money pit, especially when it comes to an empty multifamily property. With such large monthly expenses, it can be tempting to hand the keys over to the first person with a deposit check in hand. However, it won’t be exciting when you must repeatedly go through the lengthy and costly experience of eviction. It’s much more efficient to do the work in the beginning and put a proper screening process in place. An application fee can help pay for criminal and credit background checks. While you may have to turn away a few renters that fail to meet the requirements, you’ll be grateful for your patience when you’ve got a full duplex or apartment building full of reliable long term tenants who pay on time every month.
Hire a Professional Property Management Company like DKRentals.net
The best way to successfully maintain your multifamily rental property is to invest in a quality property management company. Let the experts at DKRentals.net market your vacant units, screen potential tenants, manage maintenance services and repairs, collect rental payments and help with the eviction process. These tasks when performed by a single property owner can easily become an overwhelming full time job. Hiring the professional team at DKRentals.net will allow you to continue making substantial profits without having to sacrifice other investments or priorities. If you’re interested in our services, contact our office today to discuss your needs or to schedule an appointment with one of our property management specialists.