July 26, 2014
Thing first and most important thing you need to know is that Rental Property, is a human intensive activity, the more tenants you have in a building the more there’s the potential that you might have to interact with them and communicate with them on a daily basis.
Some people even hire full time property Managers to take care of the day to day responsibilities on site, other’s take on a unit in their own rental project and manage the property and their other projects from on site, No Matter how you choose to do it, make sure you have the patience to deal with people, when you are in the rental business for the long haul your find the best thing to have with you is a good sense of humor and being extremely patient.
Set Up a Decent Looking Property
Nobody wants to move into a dump where there are problems with the electricity and water; nobody would want to pay Top Dollar for a house that just doesn’t look good enough.
Make sure when you are spotting property for rental that you get your inspections done properly and check out any and all flaws in the property that could require your immediate assistance.
It’s always a sound investment to go for a home that is less than 10 years old, and does not have any major structural and functional repair work that needs to be done.
Set up the overall look of the home as well as tidying up the feel, and you’ll end up with a property that everyone wants to move into and willing to pay top dollar for.
It’s Always the Plumbing that needs the most Attention
The water and sewage lines are the ones that need the most attention, you never know what kind of stuff people through down their drains, and it’s always good to check if the original developer of the property cut corners and put in cheap water pipes.
The waste and water lines should be your top priority when you start working on a renal rehabilitation, they are the ones that give you the most grief, a leaky water line can go a long way in damaging your whole property. Make sure to fix this up on a way that you don’t have to go back and do any major work on your water and sewage lines anytime soon after your initial rehabilitation.
When Things Break – Take it personally, fix it immediately
Lights in the staircase, elevators ( if your building has one ) fixtures in your Tenants homes ( if they complain of faults ) should all be taken care of and are generally part of the agreement, the more you focus on getting these minor repairs done , the better your tenants will think of you and respect you for it.
Give Respect Get Respect in Return
If you are looking to be universally accepted as a landlord and get an award or something, forget about it, that’s never going to happen, people are not going to respect and admire you if you don’t give them respect in return.
Make sure you treat your tenants with respect, the more you strive for good relations with your tenants the better you’ll see their relationship is with you regarding your rent and their attitude when it comes to repairs and stuff.