You may have identified and paid for an investment rental property in a nearby city that at the outset appears to be cool – low property cost, high rent, great residents, and only some minor maintenance that entreats to be done. The drive is, at most, about 45 minutes each way, and you just imagine visiting about once a month. All these things sound awesome, so what could presumably go badly?
First off, lessees do not stay permanently. Undoubtedly, the typical resident of a single- family house will last a year and a half. People buy their own homes, move for new job openings, and other life situations can turn into resident turnover.
When your resident goes away, you will want to arrange for the property to be cleaned out and made ready for the succeeding tenants. You can sign up professionals to do this work, but at the barest minimum you will really want to drive to your rental property to figure out what still needs to be done, and then a return trip to see to it that your vendors did the duty as promised. If your vendors have left undone some inconspicuous things, then this may necessitate added trips on your part.
Once your property is set up, you will need to market your property. Did you think to take pictures when you checked your vendors’ work? If not, then you will need to carry out another trip. Also, for each showing, you will need to make a trip. On average it takes 7 to 15 showings to identify a quality and qualified candidate. You could attempt to reserve more than one showing for the exact same day(s), but many a time what does the trick for your schedule may not work for applicants’ schedule, and so you should anticipate on numerous trips.
Immediately after you have sighted a genuine resident, you will need to make an extra trip for the move-in activity. Anyway, residents, many a time have a considerable follow-up request soon after moving in, whether it be a question on how to operate the dishwasher to small maintenance requests, and so you will need to plan many trips within the first few weeks after move-in.
Okay, you now have an awesome new resident who pays the rent on time. All things go with no problems for a few months, but then the toilet overflows. Your resident must be at work and is unable to deal with the plumber, and so there is another trip for you. No problems for a few more weeks, but then your resident has a disagreement with a neighbor over the weekend, and there goes your Sunday. Everything goes smoothly for the next few weeks, but then a fuse blows, but your resident cannot find the fuse box, shutting off the heater in the middle of the winter…and you get bothered by a call at 3 am.
Although that 45-minute drive appeared so worry-free when you first purchased the property, it’s now exhausting not only your time but also the expenditure of gas, as well as the overuse of your vehicle. How important is your time? That 45-minute drive each way for all the different aspects that you will have to take care of will add up. Buying a property in the nearest city can be an excellent investment with the affordable purchase price, high rent, and trustworthy residents that you had hoped for in the beginning. However, the time and outlay of the everyday tasks can quickly change that dream investment into a nightmare.
The professionals at Real Property Management Ventura County can partner with you. We will show your investment property to potential residents, investigate applicants and manage the move-in, handle resident emergencies and 3 am phone calls, and attend to maintenance issues. In addition, we periodically attend training in resident-landlord laws, such as fair housing and evictions, plus are licensed and insured to manage your property profitably in adherence to regulations and statutes.
Have you weighed the true price of your investment rental property? Contact us online or call us at 805-387-3682 today for additional information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
