Owning and maintaining a rental property as an investment can be both lucrative and rewarding.  However, it can be a difficult transition for many people to make, particularly during their first time as a landlord.  Most of us have only known the business from the tenant side, a much different position than that of owner and manager.  You will need to determine your own landlord-ing rules, methods, and identity to suit your goals and your personality.  

You will also need to work to develop some practical knowledge.  Unfortunately, no one gives you a guide to owning a rental property when you sign the mortgage.  Frankly, even if they did, such a guide would likely be of little use.  Many of the decisions you will make as you get your stripes as a landlord come down to your personal choice.  Keep in mind that forearmed is forewarned.  You will continue to learn how to be a landlord while you are busy being a landlord.  Your goal in the beginning months and years should be to avoid learning by mistake wherever possible.

Rental properties are a fantastic active investment. However, as you accumulate multiple rental units, the challenges of managing them can become weighty. If you have had difficulty keeping units occupied by quality renters, been overwhelmed with maintenance requests, or had troublesome tenants that made eviction a possibility, you may have considered finding a better way and hiring a property manager.

Managing your own properties? This might help.

There are two options when considering the management of a rental property that you own; you can hire a Northville property manager  or manage the property yourself. Some people prefer the ease of outsourcing the management while others prefer to be involved in all of the details and handle the management of their Northville properties on their own. If you aren’t ready to hire a Northville property manager yet, here are some property management tips from JMZ Management’s Northville property management experts to help you succeed in managing your property.