Home Real Estate 14 Tips for Being a Profitable Landlord

14 Tips for Being a Profitable Landlord


Ready to invest in residential real estate? Here are 14 tips to becoming a profitable landlord:

1. Buy it right using a specific rate of return.

2. Study your market. Set rent accordingly.

3. Market using high-quality photos.

4. Check credit, evictions and criminal background.

5. Complete your paperwork accurately.

6. Understand your obligations.

7. Prepare for maintenance costs.

8. Prepare to hire a property manager.

9. Manage your time.

10. Treat your real estate like a business.

11. Prepare annual pro-formas.

12. Understand fair housing laws.

13. Have an exit strategy.

14. Consult your CPA and attorney.

Scott Korbin, Coldwell Banker HPW

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