You’ve bought your first income property and have a property manager in place. You can’t just turn off your cell phone and take a year-long yacht cruise to the South Pacific. There are some responsibilities you, the owner, still have. Here’s a quick list.
1. Interview the property manager BEFORE executing final purchase contract to discuss reasonable rental rates for that particular area and property.
2. Sign the property management agreement.
3. Discuss the marketing program with property manager and authorize any leasing concessions you are prepared to make.
4. Pay advertising, utilities, and other miscellaneous expenses until leased.
5. Review and approve repairs requested by property manager.
6. Don’t be a pest. Calling more than once a week places you in that category unless there are unusual circumstances.
7. Don’t go crazy placing restrictions on tenants. That’s an excellent way to insure your property stays empty longer and you miss out on a good renter. Of course, no one is ever going to be quite good enough. Get over it. You want that rent money, don’t you?
That’s not too hard, is it? Probably the best job you’ll ever have because it leaves plenty of time to ferret out even more great deals using Empowered Investor Network’s proven strategies for creating wealth. Yes, this stuff really does work.
The Platinum Team
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