Getting Started: How to Overcome the Hassle of Rental Properties

by Robin Sylvester 02/02/2020

Photo by OpenClipart-Vectors via Pixabay

It’s only a hassle if you’re not in control. There are a lot of ways to do investment property wrong, but here are the ways to do it right so that it’s an asset, not a nuisance. 

  • Be picky about the property. While you don’t need to purchase anything high-end, always choose something you could live in with no problem. The neighborhood is decent. The roof doesn’t leak. There are no mold or pest issues.
  • If you’re not handy, find someone that is to help you out. Houses need maintenance. Taking care of your property is part of the business of ownership.
  • Buy extended warranties on the appliances. If something goes wrong, you can get them repaired or replaced instead of having to buy new ones.
  • Take charge of the pool care, landscaping, pest control and other services. Your tenants will be happier, and your property will be better for it.
  • Have a strong rental contract or lease agreement. Get expert advice so that you’re in compliance with all tenant laws, but don’t leave yourself open to fishy situations.
  • Hire a management service if you aren’t able to handle the day-to-day personally. Remember, rental property isn’t mobile, so if your career moves you across the state or across the country, you don’t want to have to sell the rental before you can move.

Owning a rental property is a long term investment. You won’t make your money back in the first year, or even the first several. It’s a long term investment. Don’t plan to live solely on the money unless you can invest in several rental units. But if you do it right, you’ll have a reliable source of passive income that will see you through your retirement years. Eventually, you’ll be able to exit your day job and live on the overage.

Spend time with a real estate professional experienced in buying investment properties. Let them know your long term goals and how you envision your rental property business. They can help you find properties, management services, contractors for repairs and even recommend a pool guy.

About the Author
Author

Robin Sylvester

With a background of 17+ years in Customer Service, you can rest assured that Robin takes Customer Service very seriously, and will bring you excellent quality service. Robin has well established herself as being someone of high standards and one who displays professionalism at all times. With Robin at your service you will have an agent who is a complete package; Excellent customer service, a savvy negotiator, one who has expanded knowledge of mortgages and knows how to get the best financing that fits you, and one who truly understands the total process of the Real Estate transaction. Robin is a Christian; one who loves the Lord, her family and her job (in that order). So don't delay, insist on Robin to be at your service today!