I have had people ask me over the years "...how bad is owning investment property?” I find this question strange. I believe there is a stigma with owning and leasing real estate in that it is all bad. The general thoughts are tenants don't pay rent, it takes years to kick them out, they destroy your property, etc.
Owning real estate is not much different than anything else. Raising kids is much more challenging! Really any career, investment, or relationship will have its frustrating moments, but a person's mindset can help. Understanding that at some point you will have to clean up a mess, or evict someone is all part of the deal. Knowing how to handle these situations will make the difference.
I have owned investment properties for years, and I too have dealt personally with all the above mentioned problems. In addition, having managed properties for other investors I have seen literally everything...well probably not everything. I will say, I am rarely surprised anymore. I understand the risks and sometimes you just have to go through this. Thankfully, it does not happen as frequently as most people may think. Most of these issues can be handled up front when a tenant applies for a property. Qualifying tenants properly can make a big difference months later.
Having an experienced professional management firm, such as Investment Realty, Inc., handle the day-to-day operations can really put an owner's mind at ease knowing they won't be called for a leaking toilet, hear an excuse such as "our goat ate our rent money", or any of the other craziness! Seriously, goats will eat anything including cash! Our firm understands the needs of investors as so many of us are also investors. I have owners that have said verbatim “Matt, do not call me. I'm playing golf right now. I play everyday and I don't want to be bothered. Handle it like you do your own and I'm good. Bye." How does that sound for an investment! He gets a check every month, and we will only talk once or twice a year just to say hi and catch up at his convenience.
There are some owner/investors who try to "save" money thinking they can handle the operations themselves, but quickly find out they've made a poor decision or even a legal error. Others have found out that not all management firms are created equal. Experience, knowledge, processes, and so many more factors separate the men from the boys.
Want to know more about how easy, simple and hands off you can be while owning the best asset in the country...and probably the world?! Head on over to the contact page and let 'er fly! –MLW
Owning real estate is not much different than anything else. Raising kids is much more challenging! Really any career, investment, or relationship will have its frustrating moments, but a person's mindset can help. Understanding that at some point you will have to clean up a mess, or evict someone is all part of the deal. Knowing how to handle these situations will make the difference.
I have owned investment properties for years, and I too have dealt personally with all the above mentioned problems. In addition, having managed properties for other investors I have seen literally everything...well probably not everything. I will say, I am rarely surprised anymore. I understand the risks and sometimes you just have to go through this. Thankfully, it does not happen as frequently as most people may think. Most of these issues can be handled up front when a tenant applies for a property. Qualifying tenants properly can make a big difference months later.
Having an experienced professional management firm, such as Investment Realty, Inc., handle the day-to-day operations can really put an owner's mind at ease knowing they won't be called for a leaking toilet, hear an excuse such as "our goat ate our rent money", or any of the other craziness! Seriously, goats will eat anything including cash! Our firm understands the needs of investors as so many of us are also investors. I have owners that have said verbatim “Matt, do not call me. I'm playing golf right now. I play everyday and I don't want to be bothered. Handle it like you do your own and I'm good. Bye." How does that sound for an investment! He gets a check every month, and we will only talk once or twice a year just to say hi and catch up at his convenience.
There are some owner/investors who try to "save" money thinking they can handle the operations themselves, but quickly find out they've made a poor decision or even a legal error. Others have found out that not all management firms are created equal. Experience, knowledge, processes, and so many more factors separate the men from the boys.
Want to know more about how easy, simple and hands off you can be while owning the best asset in the country...and probably the world?! Head on over to the contact page and let 'er fly! –MLW
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