There are multiple reasons why investing in income properties such as duplexes, apartment complexes, triplexes, and quads, can be beneficial. One is simply the renter’s income you’ll be gaining every month. The direct income stream you will be generating from the property is hard to argue with. Since you own the property, you could also gain an increase in the property value over time. Due to changes in demand, it could help raise your value, without undergoing any changes on the property itself. Another reason why others are investing in an income property is for the tax deductions. By having the ability to write-off multiple fees and bills that occur from your income property, you will not only be gaining money from your renters but also saving money come tax season. Whether you’re interested in renting a duplex, triplex, quad, apartment or single family home, becoming a landlord comes with both pros and cons.
As a new landlord, one of the most important starting points is reviewing federal and state laws that outline your responsibilities and liabilities. Along with checking that your lease is fully covered, you also want to be sure they are legal as well. If you have mistakes on your lease, you will find it more difficult to litigate if the tenant violates the terms.The best way to make sure your leases are legal and up to date is by hiring an attorney to write up your contracts. A great way to network with other local landlords is by joining a landlord’s association. There you will be able to speak with fellow experienced landlords, obtain copies of laws and regulations, as well as lists of lawyers, contractors, and inspectors to connect with.
Central Florida is a great place to test your new landlord techniques. By choosing an income property that is closely located to the different colleges in the area, you will be able to easily find a tenant for the property. By keeping your prices competitive and always doing a background check on prospective tenants, you will find yourself generating a sufficient supplemental income in no time!
If you’re interested in Listing or Purchasing an Income Property, or would like to see other properties in Central Florida, please contact Mike Rance at MikeRanceRealtorCFL@gmail.com
To see more Listings in your area, please visit Central Florida Homes.