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Is your Rental Property Managing your life?
The biggest mistake we see investors make is attempting to save money by being the landlord. This usually spells disaster unless one obtains extensive education, has great people skills, and develops a thorough understanding of Landlord Tenant law. This is also a very time consuming proposition that cuts into the leisure and family activities and usually doesn’t just stop with being the landlord. What we typically see is that in order to save more money, the owner ends up doing the maintenance, repairs, make readies, tenant screening, and leasing of the property. What is your time and sanity worth? Again, the primary objective is to make money. Most people are not really looking for another part-time job but performing these tasks is exactly that!
Equity?
Two of the primary reasons we invest in real estate is for positive cash flow and equity appreciation. Equity appreciation is achieved two ways: Steady market appreciation due to inflation over time and forced equity. The first is something we have very little control over, but the later can be achieved through improved property condition by way of improvements and increased property performance. Great management is the most critical component for achieving optimum property performance.
Quality property Management
As we mentioned earlier, property management is probably the most important part of your team. Great management companies can make your investment housing very profitable and poor management will most certainly put your business in the red. We now offer full property management services here in the Tri-Cities and can assist you with finding these providers in other markets as well. It’s important to note however, that there is much more involved with investing and working with property managers in markets outside your local area. Please contact us if we can assist you with finding great property management.
