Buying and maintaining investment rental property is the first step to making an investment in property. The subsequent important piece to the puzzle is hiring the property. And this is where mistakes are made.
If you want to be a happy landlord and profit long-term from your investment, then there are three tenants that you want to always remember.
1. Always hire a good Management Company: This is an investment, and you are looking for return on capital. It's not a part time job. So , hire a good management firm that will charge 8-10% of the monthly lease, and let them field the calls about over-flowing toilets at 3am. Oh, and this keeps the renter from realizing that you own the property in the 1st place. Trust me, you may like the anonymity, over a period.
2. Budget for Repairs: And when the renter reports a problem, have it fixed right away and to their satisfaction. Most renters will not use you in asking for unnecessary items; so when they do ask, be there for them. In turn, you will probably improve and longterm tenants who will take extra care of the property. Here the saying holds true, ‘An oz. of prevention is worth a pound of cure’.
3. Screen the Tenants Well: Talk this one thru with your managing company and determine a set standards for the renters you will approve to move in to your property. A credit score along should not do it. If they'd excellent credit currently they'd potentially not be renting. Be certain the managing company is able to look at the credit profile to see what is behind that low score. And remember, there are plenty of people who were former householders in this market who've hit rough times. Most do not wish to hire, and will definitely be householders again when credit is revived. Those people usually treat the home as a homeowner would, as their own.
If you start off with the right team, expectancies and factors for your renters, you will enjoy owning this rental property. Years from now you'll probably be really contented both with cash flow and your general return on your investment if you, again, treat this as an investment and not a second job.
Oh, and we will be able to refer you to a few of the best property management firms in the metro area for Atlanta investment properties. We are hoping they're going to do a good job to help you enjoy your investment.
Visit PropertyMavens.com for the best Atlanta investment properties for foreclosures, fixer-uppers and turnkey Atlanta investment property with seasoned renters. Visit us today to find the right investment property for you.
Tags: Atlanta investment properties, Investment properties in Atlanta, investments
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