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Maintenance:
Inspect homes yearly
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This is when you should re-hire your home inspector and have him/her check your home out for any water leaks or miscellaneous problems that should be fixed. Also hire a HVAC technician to service your furnace and change the filters. Remember to stress to your tenants that this is merely preventative maintenance and not micro management. If you set-up the business correctly from the beginning your tenants will know that you trust them to take care of your home, but you must be proactive in protecting your investments with yearly inspections and maintenance.
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Keep tenants happy |
When people talk about managing their investments, what they are really talking about is managing the people living inside their investments. This is a business about people helping other people and you should always treat your tenants like human beings, this can mean fixing problems in a timely manner or perhaps listening when they have a question or concern. Sometimes you just can't make somebody happy, but for the most part, if you buy nice homes in nice neighborhoods it will be easy to find good tenants that want to be happy.
Tip!
After your tenants move-in and make the first rent payment, send them a small welcome gift.
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Hire contractors
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The two most important rules when it comes to contractors.
- Hire licensed and bonded professionals.
- You can't deduct your own labor. This is the hidden benefit to hiring a contractor vs. maintaining your homes yourself.
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Get and stay organized
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Paperwork is a big part of the rental business, the more you can handle the bigger and richer you will become. An organized rental business is like a hobby that you spend an hour or so a day enjoying. A disorganized rental business can feel like a HUGE burden. Once you become a real estate investor your business will grow or die depending on the amount of organization you employ. Believe it!
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