Are you looking to start a new business? Looking to create a bit of extra income each month? Do you want to do so in a way that is fun and simple? Well look no further. Becoming an apartment landlord is the perfect new career path for you. When starting out down this new career path there are several different ways to go about it.
One way to go about it is to start from scratch. You could purchase a plot of land or demolish and existing structure and build the perfect apartment complex. This, of course can be quite costly. But if you have the funding and have an eye for construction, then this option may be the one for you.
If you are not up for starting from scratch, you can always consider renovating an existing structure. This offers a much lower startup cost than starting from scratch while still being able to have your own input on the layout of the apartment building(s) and what they will have to offer tenants. This structure could be an old apartment complex or building or it could be a building previously used as office spaces or a large home.
If you are not sure that you want to completely commit to renting out a whole house or taking owner ship of an apartment building, consider creating a bit of an income property out of your own home. That’s right! You can turn a couple of rooms, or your entire basement into its own apartment for a renter to enjoy. While this does mean that you will have to share your home with someone, it also makes it easier to “check in” on a tenant. Additionally, you can consider creating a separate entry way for your new renter for isolation and privacy.
In any of these cases you will need to check with local building codes in order to make sure that the apartments you create are up to code. This could involve adding additional smoke detectors or certain signage postings. You will also need to come up with a catchy name for your apartment(s) such as Portland apartments for rent.
Also you might want to consider purchasing a preexisting property that is already set up for apartments, either a complex or a building. This way, the buildings should be already up to code and all you have to do is pick up where the previous apartment manager left off. Keep in mind that this property is being sold for a reason. You must carefully consider why the property is for sale and the potential for it to be a profitable investment. Sometimes a simple name change can be helpful too such as Portland apartments for rent.
Whether you choose to start from the dirt up, renovate an existing structure or purchase an already established apartment complex, becoming a landlord is a great way to increase monthly income. With plenty of options to do so, you are surely able to pick the option that’s right for you.