Posted by: phillipsre | February 5, 2015

Are You an Accidental Landlord?

for-rentThere are many ways you can become an Accidental Landlord – a multifamily building might be left to you by your great uncle, you may inherit your grandmother’s home or you could find yourself being relocated for a job and selling might not be the best option. Whatever your situation, if you have become an accidental landlord there are a few tips that you will want to follow when learning about your new investment, first and foremost make sure to do your due diligence. This article from the folks at MultiFamily Insider list due diligence as the first priority. Getting a full inspection of the property done and understanding all the costs association with managing a rental property or building will be a great place to start. You need to know what you are getting into from a business and a structural standpoint.  This will be your best and most effective first step. Once you figure out if your property is a good real estate investment then you can decide if you are able to manage it yourself or if you want to sell it. In both cases, contacting a professional real estate and property management company will help you determine what the best choice will be and how to make the most of the investment. With any investment, it is important to get the help of a professional in the industry so you can be certain you are making the right choices.


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