If you have a living space you are not using; you may have thought about renting it out. This something more and more people are doing, with 36.6% of households renting their homes in 2020. And while being a landlord can have many benefits, like a steady income and use of unused space, it isn't always easy.
Landlords and property managers have had to shift from business, as usual, one day to invent procedures for no-contact showings the next, and wonder all the while about tenants who may not be able to pay and the prospect of evictions in the months ahead.
We evaluated two properties, one in Philadelphia, PA (primary market) and another in Camden, NJ (secondary market). The goal was to highlight the different opportunities and risks based upon the market.
Real estate is a great investment for those looking for a long term buy and hold. Do your due diligence when it comes to considering the purchase of a rental property. If the purchase meets all of your criteria, move ahead with confidence. If the numbers don’t quite add up, there is no harm in waiting – another deal will come around.
Property management companies only thrive when they have a full roster of properties to manage, and owners trust them to represent their interests responsibly.