If you’ve thought about becoming a landlord, but you haven’t quite taken the plunge yet, there are some things that can be helpful to know before you get started – and if you already own rental property, it can still be important to take note.
While investment real estate can be a profitable endeavor, it can also drain your bank account if you’re not careful with your research, your numbers, and the tenants you allow to reside in your property.
First, taking the extra time and effort to find good tenants can save you a great deal of money – and headache – throughout the entire time that you own your investment. Unfortunately, the wrong renters can end up doing a lot of damage. Just a few examples include:
- Breaking windows
- Using paper towels instead of toilet paper
- Damaging doors and door jams – or even just taking the doors
- Staining carpet
The list can go on and on. So, in order to help yourself with avoiding these situations, be sure to screen carefully the person (or persons) that you allow to become your next tenants.
You could also find yourself with much more maintenance than you estimated – even if the ideal tenants are residing in the home. Unfortunately, things happen – such as leaky faucets, appliances that wear out or break, and even natural disasters such as storms that can cause damage to roofs – or worse.
In addition to costing money, dealing with these situations can also cost you a great deal of time. So, it is essential that you have some funds available to cover your maintenance expenses.
In order to alleviate yourself from the time that it can take to repair or replace items in the home, as well as for screening and managing tenants, you may want to consider working with an experienced property manager. Doing so can give you back your precious time, and allow you to focus on other things. For more details on how a property management team can make your investments run more smoothly, Contact Us.