There are some important things to be considered before taking the necessary steps. This is particularly important for the landlord. Obviously, this is a great investment but they are not fully financial. Thus consider all of the necessary steps before buying your first investment. The important steps are,
* At first you need to consider and manage these properties. But most of the people discover that they are on call 24 hours a day and 7 days a week. So you will be called out to handle the practical issues such as electrical, plumbing problems, leaky roofs, breaking down, noxious fumes and windows problem. Most of these problems happen only at the odd hours of the day and night. Surely your tenants will have your number and remember that they may call you at any time.
* Then by every month you have to collect the rent at correct time. You can hear all kinds of sob stories, some of them true, many not. Surely it will be a different experience and the important work of landlord is collecting the contact details of a property management company.
* If you have good tenants and new buildings, then the problem of maintenance and repair will be less. The tenants often do not treat their rentals with care and there is always a need to clean, paint, repair and replace the renters. This may be time consuming, expensive and some times you will not receive the rental income.
Finally, there is a need to keep your property constantly clean, occupied in order to pay your loans and maintain your income levels. Thus if you have a high turnover or bad occupants this process becomes more and more difficult. The only solution is to choose the good tenants and treat them well. Generally a mixture of luck and experience is required.
If your property is empty, then you will lose the potential income. If you are lucky enough, then you can find a good tenant. Even if you offer some breaks, it should be worth enough.
Thus Owning a property is a financial and emotional reward but there are lot of small works hidden in it. So it requires a long-term commitment, a long term loans and maintenance.
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