Have you considered getting into the business of being a landlord? Perhaps
you might be expanding or starting an investment portfolio where owning
property will become a major part of it. Renting apartments, houses or
condos on a rent by owner basis can be a
rewarding and potentially lucrative venture for the right person.
Before possibly becoming a landlord and renting on the rent by owner market,
you will want to contact legal counsel or alternatively do as much
independent research as possible to see what your legal obligations are
under local, provincial or state laws. Doing the research you will save
money, however seeking independent legal advice will allow you to get a more
formal and in depth look at this occasionally difficult area of law.
You may also consider the idea of renting the property through a property
management company. Landlords who own property in areas where they do not
reside as well as busy local landlords will occasionally rent their places
through a company for a percentage of the rent in the form of a contract. Any
basic maintenance issues can be addressed in this contract although usually
additional costs have to be picked up by you as the landlord. The main
advantage of rent by owner through a property management company is the
greater amount of physical resources on hand to deal with maintenance
issues.
It is important to research all appropriate avenues and details if you elect
to rent your property. It is your investment to protect and it should be
protected prudently and wisely.
