If you’re thinking of buying a condo for sale in Downtown Boston as a quick and easy way to make money, think again. Being a landlord can be unexpectedly difficult for people who enter into the position blindly. If you can fulfill the following conditions, you are on the right track to succeed as a landlord.
1. You Have Extra Time on Your Hands
You can be a better landlord when you have some free time to make repairs and interact with potential renters. If you are not extremely busy, it will be easier to meet your tenants’ needs and take care of anything that a rental may require.
2. You Have Permission to Rent
If you have a mortgage, you are required to receive permission from your lender before you rent your property. Some homeowners associations will not allow renting, so you need to make sure you have the required permissions before you start the renting process.
3. You Can Wait to See Profits
Renting a downtown condo tends to have a long time before the return on your investment is made, so you may be better suited to be a landlord if you do not desperately need profits now. Over a long-term period, you will see profits, but the short-term gains of renting are often minimal.
4. Your Property Is in a Good Area For Renting
In order to successfully rent, you need to have a market. If you live in an area that is being improved rapidly and gaining new businesses, there will typically be a high demand for properties to rent. Locations with young professionals or college students often have a large rental market as well.
5. You Can Afford Additional Costs
Landlords need to be able to advertise their property, pay fees, do background checks, and repair the property for renters. If you have enough financial backing to pay for the costs associated with being a landlord, you are more likely to succeed.
Ready to find an investment property? Take the next step and speak with a real estate agent in Downtown Boston. We can show you lofts and condos in Midtown, helping you find the right place to rent out. Call us today and schedule an appointment.