Think again. The deluge of foreclosures has forced many families to rent. While those families may not have the credit to buy again soon, they will eventually. By managing rentals, you have access to the next wave of buyers. Yes, the margins are small but the payoff can be large in future sales.
The keys to being successful, according to California-based Melissa Prandi of PRANDI Property Management/PropertyADVANTAGE, are to have a strong team of employees, systems in place to manage the properties and handle leads and powerful technology tools to handle information and on-site inspections.