Expensive Lessons

Most investors and landlords are eager to reap the rewards of owning an investment property or better, a portfolio of properties. However, it is important to work with your property manager to develop preventative maintenance schedules and seasonal repairs to avoid falling into a virtual money pit. Penny pinching during these times will almost ensure more expensive repairs in the future. For example, allowing a tenant to be responsible for the upkeep of essential items such as gutter cleaning, sprinkler servicing or changing the furnace filter are risky, and should be avoided if possible. Most tenants fail to perform this type of servicing because most lack the understanding and importance of these components. Many investors will agree that for such a nominal fee, surely a tenant can afford these services; after all, they live there. On the other hand, if preventative maintenance on these components is not performed with precise timing, the cost to repair the primary system will be far greater than the initial investment. Speak with an experienced property manager like The Stellar Realty Group for creative ways to absorb maintenance fees, so that you will have peace of mind, well run properties and more cash flow from your investments.