Owning a St. Louis rental property seems like an easy job. You might think that all you have to do is collect rent from tenants and allow them to pay your bills. We are looking at the pros and cons of owning rental property, and how hiring a St. Louis property management company can be beneficial to taking care of your properties and your tenants.
Pros of Renting Out a St. Louis House
One of the biggest things in the pro column is that you will receive regular income. You have the benefit of letting others pay your mortgage. Another pro is that you will have some tax advantages. Costs like your property management fees and other expenses will be tax-deductible. As your property gains in value, it will give you additional long term security. When the property is finally paid off, you’ll have a lot of investment income and a valuable asset.
Cons of Renting Out a St. Louis House
While the rents you are receiving as a landlord are nice, you will have to pay taxes on that income. You’ll also need to budget for the cost of repairs and ongoing maintenance. There are inspections required for occupancy, and you’ll need to be prepared for surprises like leaking water heaters in the middle of the night or the air conditioning going out. When you’re collecting rent, you’ll hear some interesting excuses from St. Louis tenants. But you still have to pay your mortgage, so there may be some financial juggling involved. You’ll need to learn about all the legal ramifications of evicting a tenant and how you can protect your rights and your property. The amount of time it takes for an owner to be the landlord is also difficult for many people. You’ll need to respond to calls at all hours of the day and night, and you’ll need to meet tenants or prospective tenants. There can be an emotional cost as well. This might be a home you have grown your family in. Letting go of it and thinking about it as the house you lease out versus the home you grew up in can be a challenge.
If you have any questions about renting a St. Louis house, please contact us at Select Leasing & Management. We’d be more than happy to help you with property management in St. Louis.