Many people have made money by purchasing rental units and then renting them out. Property management is a great way to have an income and be attached to community as well. However, there are some things to consider when you are thinking about getting involved in property management.
Property management works because of the relationship between landlord and renter. If you ever talk to someone who has rented for an extended period of time then you know that they have had a bad experience or two with renting. The same can be said for someone renting out their property. There are good renters and there are good renters. Still, when you are thinking about renting your property you need to consider if you have the skills to take care of the property. When someone is renting, they are not responsible if something brakes. If their water heater goes out, it is your responsibility to fix it promptly. You need to make sure that your renter’s standard of living is always good, at all times. If you are not a handy person, or are not around to fix things, then being a property manager is not for you.
The second thing to consider is if you are a people person. Many renters are terrified of their landlord because landlords are notoriously bad people. The whole goal of being a landlord is to make sure that you have all of your properties rented at all times. You do not do this by being a mean person. You need to make sure that people feel comfortable telling you when there is a problem while still respecting you.