To many people, buying property and moving renters into it sounds like an easy way to have a reliable stream of income but there’s more to it than that. Not everyone is cut out to be a landlord. Unless you’re going to hire a professional property maintenance company to care for the property and deal with any issues that come up you should keep the following points in mind before you make that leap.
Being a landlord involves a good deal of extra time from your schedule. Now, instead of having just your own property to maintain you have another one. Are you already stretched thin? Be prepared to have your weekends and holidays interrupted by a phone call from your renters occasionally needing help.
You’ll save a lot of money if you can make repairs on your investment property and appliances yourself. If you need to call in a professional for your own home when things go wrong, be prepared to do the same when your renters call with problems. While you may be able to wait until Monday so you don’t have to pay higher weekend rates, you may not be so lucky with your tenants.
Being a people person
It takes time to find tenants that you can trust to care for your property as you would and reliably pay their rent on time. Plan on doing a lot of interviewing and don’t take the first applicants that come along. Some tenants are more needy than others so keep in mind you’d be hearing from them often. You want to be kind to your new tenants because you want them to be kind to your investment.
You should have an adequate savings account to back you and your investment property up. It’s never wise to put household repairs on a credit card and many professionals simply won’t accept them. If you make a wise decision in the first place and have a property inspection done then you have a better chance of no major repairs coming up in the future but mishaps do occasionally happen.
If you’re still convinced you want to purchase investment property and be a landlord give Bill True a call at 843-384-9088 and schedule a time to look at some properties together. For the right person, with adequate time and money, real estate is a great way to increase your wealth.