Getting Started: How to Overcome the Hassle of Rental Properties

by Marianna E Perez 04/04/2021

Photo by OpenClipart-Vectors via Pixabay

It’s only a hassle if you’re not in control. There are a lot of ways to do investment property wrong, but here are the ways to do it right so that it’s an asset, not a nuisance. 

  • Be picky about the property. While you don’t need to purchase anything high-end, always choose something you could live in with no problem. The neighborhood is decent. The roof doesn’t leak. There are no mold or pest issues.
  • If you’re not handy, find someone that is to help you out. Houses need maintenance. Taking care of your property is part of the business of ownership.
  • Buy extended warranties on the appliances. If something goes wrong, you can get them repaired or replaced instead of having to buy new ones.
  • Take charge of the pool care, landscaping, pest control and other services. Your tenants will be happier, and your property will be better for it.
  • Have a strong rental contract or lease agreement. Get expert advice so that you’re in compliance with all tenant laws, but don’t leave yourself open to fishy situations.
  • Hire a management service if you aren’t able to handle the day-to-day personally. Remember, rental property isn’t mobile, so if your career moves you across the state or across the country, you don’t want to have to sell the rental before you can move.

Owning a rental property is a long term investment. You won’t make your money back in the first year, or even the first several. It’s a long term investment. Don’t plan to live solely on the money unless you can invest in several rental units. But if you do it right, you’ll have a reliable source of passive income that will see you through your retirement years. Eventually, you’ll be able to exit your day job and live on the overage.

Spend time with a real estate professional experienced in buying investment properties. Let them know your long term goals and how you envision your rental property business. They can help you find properties, management services, contractors for repairs and even recommend a pool guy.

Buying An Investment Property
Investment
Rental Property
Rental Property
Rental Property
About the Author
Author

Marianna E Perez

Marianna E. Perez is a Real Estate professional with over 20 years of experience. A lifelong resident of South Florida, she keeps her finger on the pulse of the latest trends and movements in the real estate market. She offers clients top-notch guidance from start to finish, ensuring the entire process is seamless, efficient and rewarding. Prior to entering real estate, Marianna was Senior Vice President of Commercial Real Estate Banking at City National Bank of Florida. She provided strategic leadership facilitating profitable and efficient origination of real estate loans. Marianna was a trusted advisor to clients and to the bank growing a real estate portfolio to over $300 million. She is firmly committed to the philosophy “not quantity, but quality,” which she practices in both her personal and professional life. Marianna is a graduate of FIU where she earned a bachelor’s degree in business management. She is a member of the Miami Association of Realtors, a lifetime board member of the BASF (Builders Association of South Florida), a member of CREW (Commercial Real Estate Women), and ICSC (International Council of Shopping Centers). She is also involved with the Women’s Leadership Council (United Way TNC). In addition, Marianna has received these special industry accolades: Housing Hall of Fame inductee 2017 Builders Association of South Florida, Associate of the Year 2017 Builders Association of South Florida, Florida’s Best Awards Chair 2016 and 2004 Builders Association of South Florida, Vice President 2008 Builders Association of South Florida, President’s Award 2008 and 2003