If you’re just joining us, in part one I explored the thought process second home buyers should go through before making a purchase. Essentially, location matters for multiple reasons and along with condition of the property will drive what you can charge for rent. Here in part two, I’ll fill you in on what it takes to be a landlord.
Being a Landlord
I’d never been a landlord before and back in the pre-internet days, I used a Realtor to rent my property (the same one who sold it to me). What I found was that a Realtor with 30 rental properties can’t really play favorites. After a first year where I was rented for four months, I ditched the Realtor and took over bookings myself.
It’s a whole lot easier today. Back then, I arranged for pictures, placed the classified ads in the local newspaper and waited for the phone to ring. TIP: Having a cell phone number with the same area code as the property made a difference.