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How to Invest And Maintain Your Property, Avoiding Untenable Promises

How to Invest And Maintain Your Property, Avoiding Untenable Promises

Purchasing an investment property is only the first step as a property investor. The next step is actually managing the property.

Since I began writing this blog, I have tried to present knowledge, most acquired from the very best and brightest in residential and commercial real estate, to help you invest “well” – to stay away from the pitfalls, lures and general untenable promises and claims. This post focuses on new research to help you keep your real estate – and its inhabitants – living “well.”

 

  1. Maintain: Dry

Damp homes provide a nurturing environment for mites, roaches, rodents and molds, all of which are associated with asthma. To keep the home dry, NCHH recommends the following:

  • Place dehumidifiers in basements and other damp spaces to remove excess moisture.
  • Repair downspouts to drain water away from the foundation and prevent moisture intrusion.
  • Place a water alarm near the sump pump or hot water heater to notify of flooding or water leaks.
  • Work with a drywall professional to repair any water damage to reduce mold growth and maintain structural soundness.

2. Clean

Clean homes help reduce pest infestations and exposure to contaminants. NCHH offers the following tips to help keep the home clean:

  • Place a mat on the inside and outside of every door that leads to the outside.
  • Purchase and clean with non-toxic cleaning supplies.
  • Clean up dust to eliminate contaminants such as lead dust, allergens, and chemical residues. Pay particular attention to cleaning refrigerator drip pans and range hoods.

Learning Why Patience Is One Of The Keys To Success In Real Estate

3. Maintain: Ventilated

Studies show that increasing the fresh air supply in a home improves respiratory health. To keep the home ventilated:

  • Install exhaust fans in bathrooms and over the range in the kitchen and vent them to the outside.
  • Vent dryers to the outside to reduce moisture build up.

Maintain: Hire a Property Manager

Managing a rental property can be overwhelming and time-consuming. Hiring a property manager is the right way to solve this problem for some property investors.

You can hire a property manager to do as much or as little as you want. Some landlords only want them to collect the monthly rent, while others want property management companies to do everything from filling vacancies to handling all repairs.
Hiring a property manager is a big decision and it is not cheap. You need to weigh the financial pros and cons to determine if it might be the right choice for you. Keep in mind that there are many bad property managers out there who can completely destroy your rental property, so you need to screen property managers very thoroughly, just as you would prospective tenants.

Maintain: Avoid Tenant Turnover

The next important way to successfully manage your rental property is to keep your tenants happy so that will want to keep renting from you. There are simple things you can do to keep tenants happy, such as quickly responding to repair requests and making an effort to place other good tenants in the property. One of the main reasons tenants move is because they are not happy with their neighbors. Having strict tenant screening procedures in place will help you weed out the good from the bad.

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