What You Need To Know About Rental Property Management
Posted: Saturday, March 14, 2009
by Mark Petrelis
Don't get freaked out about the term "rental property management", it sounds threatening but all it really means is:
A game plan to keep your rental property a headache free, cash flow animal .
Does that sound a little better?
You better believe it does and guess what. Its simply a matter of having the proper mind set and doing some planning in advance.
Does that sound a little better?
I don't care if your talking about one two family rental property, a six unit property or twenty rental properties.
Your rental property management plan has to cover:
- Who is going to do the basic maintenance repairs,i.e. clogged sinks,toilets,broken facet,doorknob,window,electrical plug not working....
- Will you be able to financially handle a more severe problem,such as, roof leaking, need to hot water tank, furnace....
- How to screen tenants. After all, they are the source of your profit center.
- How to manage your tenants so that their personal/financial problems are not your concern.
- How to adapt the proper mindset for successfully owning rental property
- Doing so in a systematic way that works for you. This is key. You see, some people are white collar, some are blue collar, some are hands on, some can't and don't want to know how to turn a screw driver... , everybody's situation is different. Knowing this ahead of time and having a system (a cookie cutter way to handle any and all problems) will keep your rental property a cash flow animal. ********* Assuming you bought your rental property right and that's a whole other animal.
The above is the framework to successfully owning rental property.
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