It's one thing to collect rents. Ample rents, of course, amps up the cash inflow and is favorable to any landlord. But investors who turn a blind eye to maintenance and repair costs can also discover that, despite abundant income streams, their cash flow is surprisingly lower than expected and the profitability of their real estate investment bitterly disappointing.Even if you plan to do some of the work yourself, it's still a good idea to build a relationship with a person on whom you can regularly depend and trust. Employing a trustworthy and competent all-around handyman to take care of your day-to-day property maintenance and occasional repairs will do wonders to ease the drain on your time and pocketbook. Moreover, it improves your status with tenants if they know the landlord is listening and is responsive.
Engage in Preventive Maintenance
The idea here is to save you money in the long run by fixing something correctly before it either breaks or gets worse. When a loose hinge, leaking faucet, or toilet isn't fixed in a timely manner, for instance, floors and ceilings can become damaged and cost you a lot more than a simple repair. Just apply the same principle to your rental properties that you would to your car. Anticipate and alleviate repairs when the cost is relatively small and always ask your maintenance experts how you might replace high-maintenance items with low-maintenance items.
Real estate investors that pay close attention to a property's entire financial performance, including maintenance and repairs, are more likely to succeed at generating a profit from rental property investment than others less discerning.
At 360renos we currently manage the maintenance and repairs for investment owners in Orleans, Ottawa and even as far flung as Nova Scotia.
Give us a call how our packages can save you money and to discuss our competitive rates for when your in need of repairs.
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Dave - 360renos
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