When you are looking into Dallas rental management it can be quite overwhelming and confusing. One of the most prominent questions that immediately arises is what type of properties do you buy in order to make them produce rental income? Do you buy apartment homes, single-family homes or condos? These are all great investment properties, but there is one that tends to be favored for Dallas property managers: the single family home. There can be drawbacks to them, but these are easy to overcome. If you are a first time investor in the real estate market here are a few tips on why these are great choices:
- More desired – For people with families these are more desired than an apartment. It seems a lot easier at times to rent these types of dwellings.
- Higher possible rent – You can typically charge more on these homes because of the land that comes with it, the upgrades and the privacy of the home. Dallas rental management can benefit greatly from having these on your possible properties list.
- No lawn care for you – As the property manager in Dallas you will typically have to take care of lawn care when you have apartment homes. Not true with a single family home. You can offer this service if you wish, but generally this is the tenant’s responsibility.
- Landlord expenses are minimal – Normally you do not have many expenses as the Dallas property manager on single-family homes. However, this is based on how much you decide you want to help with, like sewer and garbage. Often times the tenant is responsible for all utilities for the home.
- Less turnover – Within these types of homes you see less instability. The average single-family home renter turnover tends to be lower than apartment renters.
- Selling is easier – Single family homes are more often easier to sell.
One major drawback to these types of rentals is there is no rent coming in when the home is empty, whereas on an apartment building you have other renters occupying the building. However, this is situation than can be overcome with good Dallas rental management.