DIY Landlord: 5 Things You Need To Know
The dream of making money off of a rental property isn’t as far-fetched as it may seem. Many people work hard to establish their credit and achieve the goal of their first, second, or sometimes third rental properties. With hard work, anything is possible, however that hard work doesn’t end at just buying the right properties. Filling the vacancies, maintaining properties, and following rules, regulations, and guidelines are all extremely important aspects of the rental process that can leave even the best investors scratching their heads at times. We have some quick tips to help you along your way to having a successful rental property experience.
General Upkeep and Maintenance
Aside from making sure that your property always has quality renters, the biggest issue with owning a rental property is that the owner is still responsible for general upkeep and maintenance. Now some of us can be rather handy with home improvement tools and youtube videos, and this is great. There is a lot of valuable knowledge to be learned from youtube and a lot of fixes in a home can be relatively easy at times. However, this is not always the case. Sometimes making changes or fixing things yourself can void warranties or worse, violate code or other regulations. Be sure that you are always watching more than one professional video and make sure the information you are learning seems to be the same across multiple channels.
Why to NOT Choose the Quick Fix
As mentioned above, sometimes repairs in your rental house can be simple and easy to do. However, there are times when the fixes are not exactly simple, require multiple difficult steps, or maybe even require a tool you do not have. Often times we want to just solve the issue and get out of the house so the renters can go back to enjoying the property without you in it. As this will work for quick fix, in the long run this will lead to more costs on your property when you have to keep fixing the same issue, or worse yet, hire an outside professional because all of your attempts failed. How will this look to your renter that they have to continually deal with the same issue until you decide to hire a professional?
How Renters Make the Difference
Not only does filling your vacancy matter, but the quality of the tenant matters as well. What steps are you taking to ensure you know this person’s credit history, background, and more? Sometimes these are the things that make all the difference so be sure to look into how to get these things done. If it becomes too much, we are here to help. Contact us now!
Mishaps to Avoid When Renting
We’ve covered quick fixes versus real fixes, and we’ve talked a little bit about what it takes to find a quality renter for your vacant rental house. This is just the tip of the iceberg, as they say. The best way to make sure you avoid any money-losing mishaps is to learn as much as you can. Learn about Fair Housing, Section 8, and what NOT to do to your tenants. This isn’t always easy and can be extremely time consuming, but when it comes to your investment and making money, this is VERY important.
We Are Here To Help
DIY landlords are often guilty of redlining, blockbusting, steering, as well as breaking Fair Housing rules. Using a licensed professional ensures the best possible rental home is purchased, all necessary repairs are done correctly, and the best possible tenants are put in place to protect the value of the home as well as provide monthly cash flow. Contact us today to learn more about Buckeye Northwest Realty’s property management services in Toledo, Ohio.
