If you're considering investing in a rental property, you may be wondering how much work to expect in your new role as landlord. The amount of work depends largely on the type of building, its condition, and the tenants you acquire.
A single-family dwelling as opposed to a four unit building will present different issues and challenges. With more units comes more mechanical items to maintain and repair, such as appliances, heating and cooling systems, etc.
In general, the better the condition of your building at the time of purchase the less work you will likely have to attend to. Deferred maintenance from a previous owner on small items can turn into big, ongoing problems for a subsequent landlord. A minor leak in pipes that is not corrected in a timely fashion can turn into floor and/or ceiling issues and mold or rot problems.
The difference between a profitable or disastrous can often be attributed to how much work an investor is willing to put into their property. A successful landlord must be willing to screen tenants, respond immediately to repair requests, and track down overdue rents. If a landlord cannot or does not want to handle these areas of work on their own, it would be in their best interest to hire a management company to take care of all these important details on their behalf. For excellent service in the Greater Los Angeles, Fort Worth and Oklahoma City areas, contact us at www.GoldenEstateManagement.com.