Plenty of people think about owning rental property. Some plan to buy a house and lease it, while others want a duplex or a house with a garage apartment – a property they could live in with leasing potential. But being a landlord isn’t for everybody. Here are some things to consider before you purchase rental property.

Is there a market for the rental?
Just as you perform due diligence on a property and its condition, you have to do your homework on the area’s rental market. Will the market support the level of rental income you envision? At a minimum, you want to be able to charge enough rent to cover the property’s mortgage, tax, insurance, and maintenance. If you’re unsure about any aspects of the market for a rental property, talk to a San Antonio REALTOR^®.

Are you good with people?
Successful landlords find good tenants and retain them. If you’re not comfortable with screening applicants and keeping tenants happy – or just don’t want to handle these tasks – you’ll need to hire a property manager. Many San Antonio REALTORS^® specialize in property management and can take care of these duties.

Are you handy?
You’ll need to take care of routine maintenance as well as emergency repairs. Maybe you can handle annual touch-up work, but unless you’re well-versed in HVAC systems and city plumbing and electric codes, you’ll need phone numbers for repairmen. Your San Antonio REALTOR^® may be able to recommend some people who can help.

How far away are you?
One nice thing about renting a garage apartment or half of your duplex is that you’re never far away if there’s an emergency with the property. Of course, that also means you’re never far from your tenants, making applicant screening even more important.

Do you have the right insurance?
You’ll need different insurance coverage as a landlord than as a property owner. Landlord insurance can protect you from loss of income in the event that the property becomes uninhabitable, like in the aftermath of a fire, or during a tenant-landlord dispute. The Texas Department of Insurance has a great website that offers all kinds of information and help for those seeking all kinds of insurance.

Talk to an expert
Finding a property, either solely for rent or for you and tenants, presents different challenges than just buying a house for you and your family. Use the services of a San Antonio REALTOR^® with a background in property management. He or she will be able to help you decide if you want to become a landlord and find properties that best fit your search criteria.  For more tips about buying real estate in San Antonio, visit the property search section of SABOR.com.