Being a landlord in Boston isn’t all bad, not really. Investing in a rental property can be quite profitable if you know how to go about it. It can guarantee a steady income, help you increase your savings and also mean a sizable return on your investment once you decide to sell it for something better. Boston and its surrounding suburbs and towns are filled with tenants from all over the world. Students, medical professionals and technology experts come to Boston because of its excellent universities, medical centers and technology firms.
As a landlord, this spells a lot of opportunity for investing your hard-earned money in something profitable like a rental property. Most potential landlords often ask “How difficult can it be to be a landlord in Boston?” The answer would be relative to your experience, dedication to maintaining your property and keeping tenants happy.
It can be quite easy to be a landlord in Boston if you are willing to do the following.
- Learn and know what a profitable rental property means
- Spend time reading and getting very well acquainted with Massachusetts and Boston laws for landlords and tenants
- Know the basics of renting out a property to tenants and a landlord’s responsibilities
- Learn about maximizing the income on your rental and be willing to make sure you know how much to spend and where to save
- Learn about rental unit registrations and inspections and comply with the law
- Protect your rental property through various means so your investment doesn’t end up costing you more than it earns
- Get a suitable property insurance for your rental
- Be prepared for home inspections
- Learn and be diligent about a Boston landlord’s maintenance responsibilities
- Decide what kind of tenants you would prefer and who would best suit the kind of property you are renting out. For example, would you prefer to have student tenants or families?
- Know how to use tenant screening to find good tenants in order to minimize the risk of handing over your house to strangers
- Be prepared to conduct thorough credit checks on potential tenants
- Learn about legal ways to deal with problem tenants
- Keep detailed files about all tenants, communications, receipts, repairs conducted etc
- Be willing to respond to tenant requests for repairs promptly even if that means getting up early in the morning or late at night
If all this seems like too much work, you are probably not ready to become a landlord yet. You could however, hire a property management company to take over your tasks and make sure you still get a steady flow of income.
If you have any questions or would like to get in touch about property management, please contact JB Property Management for more details.