Ignite FB Tracking PixelIs Being a Rental Property Owner Worth the Hassle? - Gar Finnvold

Is Being a Rental Property Owner Worth the Hassle?

by Gar Finnvold 04/05/2020

Photo by OpenClipart-Vectors via Pixabay

It’s only a hassle if you’re not in control. There are a lot of ways to do investment property wrong, but here are the ways to do it right so that it’s an asset, not a nuisance. 

  • Be picky about the property. While you don’t need to purchase anything high-end, always choose something you could live in with no problem. The neighborhood is decent. The roof doesn’t leak. There are no mold or pest issues.
  • If you’re not handy, find someone that is to help you out. Houses need maintenance. Taking care of your property is part of the business of ownership.
  • Buy extended warranties on the appliances. If something goes wrong, you can get them repaired or replaced instead of having to buy new ones.
  • Take charge of the pool care, landscaping, pest control and other services. Your tenants will be happier, and your property will be better for it.
  • Have a strong rental contract or lease agreement. Get expert advice so that you’re in compliance with all tenant laws, but don’t leave yourself open to fishy situations.
  • Hire a management service if you aren’t able to handle the day-to-day personally. Remember, rental property isn’t mobile, so if your career moves you across the state or across the country, you don’t want to have to sell the rental before you can move.

Owning a rental property is a long term investment. You won’t make your money back in the first year, or even the first several. It’s a long term investment. Don’t plan to live solely on the money unless you can invest in several rental units. But if you do it right, you’ll have a reliable source of passive income that will see you through your retirement years. Eventually, you’ll be able to exit your day job and live on the overage.

Spend time with a real estate professional experienced in buying investment properties. Let them know your long term goals and how you envision your rental property business. They can help you find properties, management services, contractors for repairs and even recommend a pool guy.

About the Author
Author

Gar Finnvold

"As a professional real estate advisor, I focus on client satisfaction," says Gar Finnvold, who handles luxury residences and condos in all price ranges in East Delray Beach, Boca Raton, and other South Palm Beach County communities. An award-winning top producer, he attributes his success to very basic principles: he's real, he's honest, and he works hard for every client.

Whether a client is thinking of relocating or wants to sell a home, Gar's insider knowledge and experience can make a huge difference. He knows the ins and outs of the city and surrounding areas. "Having been born and raised in the area," he says, "I can provide a lot of history and unique information that most other agents aren't aware of."