Renters comprise around 35% of all households in the U.S. This is according to the latest research done by the U.S. Census Bureau. This is good news for investors seeking local Randolph County NC properties that could generate income for building long-term wealth.
The own-to-rent model is more than just an investment, it’s actually a small business simplified. Like any small business, it also has aspects such as financing, accounting, and management (which is the most time consuming part). Management in an investment property means dealing with customers (renters), labor (maintenance staff), and the owners (you!). Some income property owners decide to take the easier route and hire out someone else to do the property management.
Here are some of the reasons why property management is a good idea for income property investors:
- Hiring a property management company will give you more time freedom. They could take late night or early morning calls for you.
- Property management lessens your risks by helping you work through Fair Housing obligations and any legal issues you need to address. Even small mistakes in legal matters could be costly, so hiring a property management company is a good way to limit these risks.
- Contrary to popular belief, hiring a property management company is not an added cost, but it actually can save you money in the long term. A good Randolph County NC property management company will be able to help you identify ways to reduce operating costs while maximizing rental amounts. They can also shorten downtimes between tenants.
If you are looking for a Randolph County NC home as an investment property, contact me so I could help you assess all the aspects of your investment and if property management would work well with you.