Did you know that there are nearly 20 million rental properties in the US alone?
Becoming a landlord offers excellent opportunities and can become a lucrative business for you. The best part is a small investment is all you need to get started.
With some initial capital and a determined mindset, you can develop a successful and long-term business in the California Bay Area. Continue reading to learn more!
Passive Income Is Attractive
One of the key reasons why people want to become landlords is to earn reliable passive income. This is income you can expect on a weekly or monthly basis that requires a limited amount of time and effort.
This is not to say that being a landlord does not come with responsibilities, but with the assistance of a property manager, you can have more time to focus on other projects, jobs, or endeavors.
With an initial investment, you can purchase a rental property and see results quickly if you plan your business well. Your success will be determined at least partially by your marketing efforts. It is crucial to make potential tenants aware of your offering(s) and encourage them to rent with your business.
Foreclosed Properties Offer Enticing Opportunities
There are multiple approaches to buying rental property under a budget. One such way is to research and explore foreclosed properties. These are properties that have been claimed by banks after people fail to pay their mortgages.
Often banks want to sell off these assets as soon as possible. This is why some banks offer foreclosed properties at an incredible value. You may find an attractive foreclosed property in the area you desire within your price range!
A Seller or Investor May Be Able to Help
Some may find that paying monthly payments for a property is a better option in comparison to a lump sum cash payment. Fortunately, there are sellers and investors who partner with landlords and help launch their businesses.
With a seller or investor, you can get the capital you need to acquire the property while having the flexibility of paying back the seller or investment over an agreed-upon period of time.
Some investors may prefer a percentage of your earnings as compensation for their capital. Be sure to find a seller or investor that is the right fit for your business goals.
Becoming a Landlord and Professional Property Management
If you are a new landlord, acquiring property in the California Bay Area is an exciting first step. With effective and professional property management services, becoming a landlord has never been this easy.
Leave the day-to-day operations to an expert and earn attractive passive income!
Running a property can be time-consuming and stressful. Having a property management partner will allow you to focus on what's most important as well as help you grow your landlord business.
To learn more about Bay Area Property Management and how we can assist you, please contact us today.