Owning a rental unit can be an extremely successful financial investment. Simply owning the property will hopefully let you preserve the resources and wealth that you put into buying it and fixing it up, but you also get to enjoy an income stream from the rental income that the tenets provide.
Of course, that’s assuming you have tenets. You have to find them in order to have them, but it’s not even really enough to just find them. You also want to find good ones.
Setting The Rent At A Level
Letting possible tenets know about your rental unit is simple enough. Put up signs and advertise through any local medium your community has for people looking for rental units. Online listings are the norm, but there might be local publications and even rental laws agencies you can list with.
Listing alone isn’t enough though. You need to set your rent at a level that makes you enough money to have a profit, even after the fees and maintenance of renting out something. You’ll have to be reasonably priced for the market value of the cincinnati housing property, but you also need to be economically accessible enough that tenets can afford you.
Property Management Companies And Agents
As much as possible, don’t just take anyone that calls you. Do background and credit checks, ask for deposits when you feel the need, and look for steady employment. While you might think that any tenet is better than no tenets, bad tenets can prove to be a real nightmare.
If you don’t want to deal with all of this yourself, there are property management companies and agents that can act as a landlord for you. They might even have a successful track record in finding high-caliber, low-maintenance renters that you would love to have providing you income without headaches.