Management
Managing Your Investment Property
Congratulations on thinking about adding real estate into your investment portfolio. Perhaps you are a fan of “million dollar listing” or you have been to a seminar on investing in real estate. Regardless of the reason, congratulations on taking the next step into researching investment properties.
Maintenance Management
One of the larger and important parts to managing expenses is the maintenance of your rental property. You need to do regular things like change your furnace filters and cleaning the eve troughs. You will also need to replace sink tap cartridges and deal with appliances.
If you are not handy, you can pay professionals like plumbers and electricians to do work for you. I find that paying $100 per hour for a plumber is a bit steep.
Many of them charge you a driving or appointment fee. They also seem to always go over the time estimate.I am not saying that they take advantage of situations, but it can seem like that. If you can find a handyman that can do many different items, you will be better off. Handymen charge between $40 and $60 per hour.
They are more flexible and can do lots of different repair work for you. If you do want to try to change your own sink tap cartridges or light electrical work, YouTube is a great resource for that.
People Management (Tenants/Clients)
It’s all about the people! If you have great tenants, you will love owning real estate. In some of my places I have had the same tenants for 13 years, 11 years and 10 years. They pay on time and are raising their families. It is a win-win situation as they are able to live in a great area in a great place and I am able to pay down my mortgage and increase my investment.
I always like to think of the people that pay me every month, on time and with little hassle as clients. With this mentality you will attract the right people that you want in your investment. With proper screening and treating them as you would want to be treated, you can have a positive experience.
Getting the right tenants is the secret to a successful rental property.