Everyone who gets involved with real estate investing has to start somewhere. Small-time landlords sometimes are just homeowners looking for extra income, or a creative entrepreneur who wants a unique strategy to make some more cash, but either way there are great tricks and tools out there for any professional to succeed.
In many cases, affordable investments come from foreclosed houses and other property types. However, great businesses can be started just by renting an extra room or an old home or apartment, and every landlord should take advantage of the mobile apps and other devices at their disposal.
Plan ahead for investment success
Every investor should be cautious when breaking into the profession. Small-time landlords sometimes miss opportunities to buy foreclosed houses and other homes when the price is cheap and the chance for profit is high, according to MSN Real Estate. That is because most people decide to rent out of other circumstances, and typically put their current properties on the market instead of going shopping.
Therefore, smart buying is a must at any point, in case renting becomes an option in the future.
"Getting into the business of landlording is no different than the stock market: It's a marathon, not a sprint," John Bradford, owner of North Carolina-based Park Avenue Properties, told the news source. "By the time you debt-service it, do the maintenance, pay the property manager ... at the end of the day there's probably not a lot of cash flow left over."
Because of the inevitable market fluctuations, small-time landlords should only decide to rent when the market is right. If property values are high, odds are the monthly income from these types of investments can go up as well.
Courthouse Retrieval System can help investors find the right time to rent and buy. Accurate, in-depth property data, mortgage records and much more can provide insights into the housing market.
Mobile apps can help landlords
While the financial aspect of investing and renting properties can get complicated, a number of mobile apps exist to make the process a little bit easier.
For example, one new tool out there for small-time landlords is Pendo Rent, designed by Invoke Labs, according to Inman News. This rental management software is a great way for those with only several rentals to keep track of everything. The goal of the app is to provide a simple, easy-to-use solution to manage tenant applications, profiles and other aspects of the profession.
"The real estate technology space is booming, and we're excited to launch a product that addresses critical pain points for a large but underserved segment of the rental market," Keith Ippel, managing director of Invoke Labs, told the news source.
Real estate investors and other small-time landlords who take advantage of software and mobile apps like this could make their lives easier. Many other creative rental apps exists that could be the needed boost to start making a profit in the industry.