Landlording – selling, buying or leasing out property for cash flow – can be serious business. Whether the property is an older building or new construction, getting the lowdown on your property is of utmost importance prior to making an investment. Code violations and maintenance problems can be quickly identified; however, many of the most common and usually minor problems go unnoticed.
There are a few common problems that landlords and property managers should look out for before or during the home inspection of their current property. Potential tenants should also be alerted of these problems before signing an apartment rental agreement.
Common & Minor Landlording Repairs
Missing, disabled, or improperly installed smoke detectors are the number one problem noticed on most compliance orders. Be sure to fix smoke detectors to ensure the safety of occupants and to speed up the inspection approval process. In addition to properly functioning smoke detectors, in case of fire or other disasters, make sure there are adequate escape routes. This does not mean you must have an emergency staircase by every room, but you must have at least two acceptable means of escape, such as a door or large enough window.
Faulty furnaces or exhaust vents can lead to serious health issues, fires and lawsuits. Avoid these complications by servicing your furnaces on a yearly basis. In addition to yearly furnace checks, make sure to inspect rental units frequently to check for cleanliness. Dirty properties can attract pests, a problem that can quickly and exponentially grow. If you come across even indirect evidence of a pest problem, immediately call a reputable exterminator to fix the issue.
These are only a few issues that property managers and landlords face during the inspection of a property. For more information on what to look for during an inspection process, reference our infographic below, and for problems beyond your scope use our real estate investing training article on 5 Easy Ways For Real Estate Investors To Screen Handymen/Contractors.
Getting Your Units Rental Ready
So where do you find contractors and handymen in the first place? Ideally, from people you know and trust – ask around among other investors and even among your friends and family. Swing by a real estate investing club (see our directory of REI clubs for one in your area) meeting and ask the people you meet who they use.
Use the inforgraphic above to help you get started with your cash flow real estate investing and to manage your exist rental properties.
We want to hear from you ….Please comment below with any landlording tips you have.