Investment properties are great passive income generators—but only if someone will consent to inhabit them! If landlords fail to properly maintain their properties, they’ll inevitably watch their “investment” sink in value until it’s costing them money to own rather than bringing money in. That’s why it’s essential to know a thing or two about property maintenance before investing in rental properties of any kind.
Here at RICH Club, we know that nobody sets out to become a slumlord. That’s not how money is made in real estate investment. Many landlords, however, lack a system to keep themselves on track with maintenance of their investment properties, and small problems can snowball into big ones quickly. Whether you’re new to investing or not, there are many lessons about investment properties to be learned at our regular events, which you can view on our calendar page. By joining the club, you’ll be gaining access to a dedicated community of real estate investors ready and willing to help one another achieve success.
If you’re considering investing in rental properties, here are a few maintenance concerns you’ll need to account for first.
1. Actually look at your property.
In can be tempting to invest in a property and then forget all about it, but that’s a path to ruin. Keeping your rental property well-maintained and free from damage will increase your profit and allow you to hold on to good tenants. Unforeseen costs like repairs and replacements are inevitable when managing a rental property, and you shouldn’t put them off. Actually looking for them is step one.
2. Keep it painted.
Paint is like your property’s skin: It keeps the delicate inner bits protected. Make sure that the exterior of your property is always painted in order to defend it from sun and moisture damage. Besides, nobody wants to live in a home that looks bad on the outside.
3. Respect the roof.
Check your roof regularly for damaged or missing shingles, and be especially vigilant after bad storms and high winds. Damaged or missing shingles can allow water penetration, which inevitably leads to mold and moisture damage in the interior of the property.
4. Mow the grass.
Don’t count on your tenants to take care of this—plenty of renters don’t own mowers. Make sure the grass is healthy and trimmed it so that any prospective tenants passing by can see that your property is well-maintained. Clear away any fallen tree limbs or parasites, too.
5. Keep the HVAC running.
No quality tenant is going to stick around long in a property without a working A/C or heater, especially in Southeast Texas. Check the air filters and make sure there aren’t any blockages or duct damage. These can restrict airflow and could even ruin the system in the future.
6. Check in with your tenants.
Keeping your tenants happy will go a long way toward keeping your property in good condition. A quick checkup to see how things are going or asking if they need any maintenance is all it takes. Satisfied tenants will help your reputation with future tenants and can attract many people to your rental properties.
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