Owning and managing rental properties is rewarding. You are helping build passive income as well as build a nice nest egg for your retirement. At the same time it can be busy and sometimes stressful. You never know when the phone my ring with a maintenance issue, or spending time collecting rent. So I have come up with a list tips and resources to help free up your time as well as minimize the stress.
1- Find the Right Tenants: Having the right tenant can reduce your stress overnight. I have experienced this first hand. When leasing your rental property and screening potential tenants do your due diligence by checking reference, do credit checks, background checks, etc. The biggest tip I have is be patient you will find the right tenant even if it sits vacant for a week longer it is worth it in the long run.
2- Have Good Communication: Good communication is key, if your tenants know the can reach you and you will respond and address there concerns the trust and satisfaction level your tenants have for you will grow. I tell my tenants I prefer text or email and then I will try to respond to everything same day. I do this so I have time to address things in a professional manner and I have everything in writing. I do however tell them don’t be afraid to call me in case of an emergency (fire, leak, etc).
3- Keep Your Documents in Order: It is always important to know where all your documents are. I do this two different ways. First I have a folder for each property that has any documents pertaining to that property. Second I upload them to google docs so I have the stored and I can access them from where ever I may be.
4- Collect Rent via Online: This saves from having to deposit checks, cut receipts, etc. There are a lot of free and inexpensive ways. I know some friends that use Venmo or something similar. I have prefer to use www.cozy.co They are free, they send notifications to my tenants and to myself on the status of the payment, you can view payment history, you can add offline payments to your tenants account, and you can do credit and background checks through them (Super Easy!).
Now I know if you have a big portfolio you may use a property management company, but if you don’t I hope these four tips help free up some time and stress.
Good Luck with your investing ventures!
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