Want To Be A Landlord in the Greater Salt Lake City/Park City Area?, by Kathy Opolski, Greater Salt Lake City/Park City Real Estate Expert

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August 7, 2009

When you become a landlord you become both a boss and an investor. This is not a nine-to-five job. However, the benefits of being a successful landlord outweigh the extra time involved.

The majority of rental properties in the United States are owned by individuals. A much smaller percent of income properties are owned by corporations.

There are two types of landlords. The first type of landlord hires management companies to take care of the day-to-day maintenance and rent collection of the units. The other type of landlord is the owner-landlord. Individuals who are handy and have the time to devote to regular maintenance and upkeep of their rental properties choose to become this type of landlord. Often until the equity builds up with income properties, a landlord will be forced to do this job themselves. Once the extra income is available, landlords can choose to hire out the tasks or continue to manage the properties. The Greater Salt Lake City/Park City real estate market offers both types of landlords opportunities to invest in income properties. More information can be found at www.KathyOHomes.com.

Becoming a landlord not only creates a job for you, it can create long term wealth. A well maintained income property should appreciate over time. As the mortgage is paid off the rents will still be collected. The extra income can be invested into additional income properties.

This may sound easy, but the decision to become a landlord should not be taken lightly. As the property owner, your tenants will call you whenever there is a problem that needs attention; this is a 24/7 job. It is important to also recognize that your rental property may not be at 100% occupancy all the time. Make sure you have enough reserve funds to cover your costs if your unit(s) is vacant for a period of time. Another financial item to consider is the possibility of having to upgrade your properties if local codes change, or if problems (such as asbestos) are discovered on the property.

Finally, a beneficial trait to have for being a successful landlord is great communication skills. Chances are sooner or later there will be a tenant dispute.

If you feel being a landlord is right for you, email me at kathyo@kathyohomes.com or call 801-518-4599 and I will be happy to help you find a suitable income property for you in the Greater Salt Lake City/Park City area.

Free information available to you about investing, buying, or selling in Greater Salt Lake City/Park City real estate. For complete information about the Greater Salt Lake City/Park City real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Greater Salt Lake City/Park City real estate at www.KathyOHomes.com. I am available to answer any of your real estate or mortgage related questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

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