The average home flip yielded a $66,000 profit in 2023. Sometimes, that's a good profit, but it's a one-time gain. You can also pursue real estate options that offer long-term profits.
One such option is buying and owning rental properties. If you're in Troy, OH, and want to find profitable rentals, you might need some methods to help you find these properties.
Finding foreclosures is an option, but there are others. Continue reading to learn how you can find and manage profitable rentals in Troy, OH.
Finding Profitable Rental Properties in Troy
The first step is knowing where to look to find profitable properties. Here are a few ideas:
- Use real estate websites, such as Zillow or Redfin
- Contact a property management company to ask about options
- Look for foreclosures
Of course, you should also consider the types of properties you'd like. For example, do you want multi-family rentals, such as apartments? You might also want single-family properties.
Next, consider the demand for rental properties around the area. Stick with buying properties in areas with high demand.
Finally, analyze the rental rates to ensure you can make a profit.
Managing Rentals for Profitability
Once you purchase rentals, you must implement some strategies to maximize their profitability. There are numerous ways to do this, including:
- Use effective screening procedures and standards for all tenants
- Focus on finding rental tenants quickly for all vacancies
- Understand and follow landlord-tenant laws
- Focus on excellent maintenance and repair schedules
- Treat your tenants well and respond to issues quickly
- Provide excellent units and services
You can manage rental properties yourself or hire a company to help.
Maximizing Rental Income
Additionally, use strategic strategies to increase your rental income. Start by finding methods to get your tenants to renew their leases. The purpose of this is to keep good tenants and avoid losing great tenants.
Each time a tenant moves out, you'll lose rental income and incur repair expenses. Aim to reduce your tenant turnover rate, as this will help you maximize your rental income.
If you experience a high vacancy rate, look for creative ways to find tenants.
Challenges of Rental Ownership in Troy
Finally, understand that managing rentals can include challenges. Being a landlord isn't always an easy job. You may have to deal with problematic tenants, and in some cases, you may need to evict them.
You may also struggle with aging properties. These properties might need more work and repairs than you planned.
Depending on the number of rentals you own, you might not have time to handle all the work yourself. If this happens, hire a property manager to help.
Seek Help From Experts for Finding Foreclosures and Other Properties
Buying foreclosures is one way to purchase profitable rentals, but there are others. Hiring a property management firm is the best way to locate and analyze potential rental property purchases.
PMI Oakridge Management is a locally owned and operated property management firm in Troy, OH. Our experience and excellence can help you improve the profitability of your rental properties.
Ready to learn more? Get in touch with us today!
