Author: Memphis Buy and Hold

Renting your home can often seem like an uphill battle but once you get the hang of the system and a good tenant, it is easy and a great way to earn a second income and save some money.

Are you looking for some useful property management tips? If so, you may want to read the following 10 tips from experts in the field. With these tips, managing property will be a lot easier for you.

Owning rental properties isn't almost as glamorous as some people might think and doesn't provide the almost immediate profits that flipping homes may however it truly is a wonderful and extremely valid approach to rental real estate investing that will build a steady profit over time if you plan appropriately.

Today I want to share with you a real simple explanation of how a person can go from almost nothing to becoming a millionaire by owning rental properties.

For those who are purportedly assuming that the real estate is as easy as picking flowers from your garden, we regret to inform otherwise. Unless you have a really good hand in this field, your one bad decision could end up leaving you high and dry. There is an overbearing amount of work to be done and considered in this business.

Before you jump into any real estate investment deal, you should answer the common question, “How much profit should this rental property make?”

For anyone that thinks there isn't much to do in Memphis -- think again! Memphis, the largest city in Tennessee and the 19th largest in the United States of America, bursts with the vibrant and active bustle and hustle of day to day life. However step back from the Memphis bustle and hustle and you can observe that there is actually a hint of some attractions and historical spots.

Being a landlord can be challenging, but it can also be very rewarding. Landlords can earn a lot of money, or they can spend a ton of money on legal fees and lose more than they make. You can self-manage your rentals or outsource it and be hands-off.

Processing rent checks manually is both time-consuming and costly. It usually takes about five minutes and $2-3 per check. If you are expecting 500 checks monthly, this could take almost 42 hours and $12-15,000 every year.

Being a successful landlord takes more than just spending a week every month chasing rent payments and doing a bit of maintenance here and there. Property management is far more complicated—especially if you want to succeed and grow. Your income potential depends on the strategies you have in place to manage your properties.