Tips For Self Managing Investment Properties
When an investor decides to manage their own investment property/s the process needs to have a set of steps set up and the investor needs to ensure that they are familiar with the rental laws in the particular state that the property is in.
1. Know the law. Managing your own investment property can run quite smoothly, but if you do end up with a tenant that causes you problems then this is when the crunch really comes and you have know the law inside out because if you do not and you make mistakes it can cost you a lot of money, a lot of time and several court appearances to rectify the situation.
2. Write up a set of steps for managing the property. Basic steps for finding tenants, screening tenants and installing tenants into the property and all the required paperwork that goes with it is best set up in a check list to ensure that the process will run smoothly.
3. Diarise inspection dates. A landlord is entitled to inspect the property for damage (usually every 3 months) so make sure these inspections take place. There is a two-fold benefit here. One is that you will see how the property is being treated by the tenants and two, you will be able to keep on top of maintenance and hence keep your repair costs under control. Provide your tenants with maintenance request forms and also keep a log of any requests (your own findings as well) and a track of who is doing the repair and when it is done.
If there are to be any insurance claims, lodge them as soon as possible so that the insurer will not hold up any required repairs.
Filed Under: Property Investment Tips
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