It is only a hassle if you’re not in control. There are lots 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 yourself with no problem. That means, the neighborhood is decent. The roof doesn’t leak. There are no mold or pest issues. Don’t follow the “lipstick on a pig” motto because you’ll end up getting your bacon fried.
  • 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 a new one.
  • Take charge of the pool care, landscaping, pest control, and other services. Your tenants will be happier, and your property will be better cared for.
  • 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 don’t have time or the inclination to take care of things yourself. 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 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.

Is it worth the hassle? For the benefits of passive income in your retirement years, a big resounding, “Yes!”

Spend time with us as we are experts in buying investment properties. Let us know your long term goals and how you envision your rental property business. We can help you find properties, management services, contractors for repairs, and even recommend a pool guy.

Get started on your path to retirement now.