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Critical mistakes some landlords make...

Not vetting potential tenants

The stories I have heard from landlords that have chosen to not vet their potential new tenants are dumbfounding to me. If you don’t know the history of an individual(s) you can put yourself in jeopardy by having them move into your property. To be safe you should always be sure to at the very least obtain verified proof of income and previous landlord references. More intense vetting and referencing is very highly recommended to reduce the risk of letting the wrong tenant into your property.

Hiring Unskilled Maintenance Workers

I understand the need to save money but hiring unskilled contractors will eventually cost you more than doing it right the first time. The work that a novice does will more than likely need to be replaced in a shorter time frame if not completely just redone properly. Have it done right the first time.

Hiring New Contractors On A Regular Basis

The admin you are creating by regularly working with new untested contractors take a lot of additional time. We always recommend building a team around you, find a few great plumbers, electricians, roofers and handymen, and have them be your go to people.

Letting Tenants Fix Their Own Maintenance Problems

Unless your tenant is a contractor we would never recommend letting them do the work on your investment property. Hire someone that you know can do the work correctly. Also, if you allow your tenant to do the repairs I would bet they will find additional repairs that needs their attention

Not Doing A Routine Property Inspection

Inspecting each property regularly needs to be a part of your program regular routine. Create an inspection list so you can track repairs that need attention. Also, you should know your tenants and coming into their home is a great way to get to know them.

 

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