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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
Rossy Figueroa
“Real estate” means so much more to me than simply buying or selling property...I believe it’s all about the people behind those transactions. A house would never be a home without them. That is why my first question to you will always be “what are your goals and how can I help you get there?”
Helping someone to plan and achieve their goals is just as important as listening to what they are. I know first-hand from over a decade of experience just how much it can take to make it happen. With honesty, diligence, and resilience, however, no hurdle is unconquerable. I can guide you through the entire process, always making you feel comfortable, informed, and in control. Like I said before, you are always the first priority.
I chose to partner with Berkshire Hathaway HomeServices Real Time Realty because, just like me, they realize that real estate agents are much more than salespeople. Every person and every goal is just as important as the last - and Berkshire Hathaway has all the tools and resources to get the job done.
It’s been an absolute privilege to meet some of you and help you achieve your goals. I can’t wait to meet the rest. Whether you’re looking to buy, sell, or both, I am confident that I am the last agent you’ll need. A better future awaits...give me a call and let’s get started!
