Property values are stabilizing, according to President Obama the economy is recovering and rental rates seem to be increasing rather quickly. This brings many owners to consider renting out their properties instead of selling. They can get great rental income and perhaps wait till home values increase even further before selling.
As an investor myself in real estate I firmly believe owning rental properties is a great stagey for wealth creation and of course I feel very strongly that real estate is a great investment right now! That being said, we aren’t all cut out to be landlords. If you are going to try to manage your rental(s) instead of hiring a Property Management Company here are some things to consider.
Top 7 Questions landlords need to know:
1. How will you respond when your tenant says they can’t pay rent this month because of more pressing obligations?
2. How will you hand eviction in the event your tenant stops paying rent?
3. Have you spoken with your insurance company to see about possible increase in premiums because the property is now an investment and not owner occupied?
4. Will you allow Pets? Dogs, Cats, Fish? How many? What Size? (does your home owners association have restrictions on tenants that are different than owners?)
6. Repairs are part of home ownership, even more so with rentals, who will take tenant calls when repairs arise? Will you be able to handle a repair on Christmas Eve?
7. How often will you physically inspect the property?
If any of these questions become daunting to consider and even harder to answer, that’s ok. We are happy to assist you as a Property Manager and we have over a decade of expertise in this field and over 2 decades of expertise in real estate investing. Feel Free to contact us today to see if we are a good fit for you as a Property Management Company in Fort Myers, Cape Coral, Bonita Springs or Estero Florida.