You are looking for an investment that will provide you with revenue each month. Even though there are multiple options available to you, owning and managing a residential property allows you to get paid while giving others a place to live. Here are a few steps you should take as you manage and protect yourself and your tenants.
Give a Reason For Tenants To Live There
A beautiful apartment will convince people to live in your building with a little persuasion from you. Like many development experts have done, such as Stefan Soloviev, you must remodel each unit to be attractive to those interested in leasing from you. Painting both the outside of the building as well as each interior room can turn the place around quickly. Replace outdated appliances with new, efficient ones. Make necessary repairs quickly and replace anything that has been damaged. Change out the carpet and flooring with new products that are easy to keep clean. Keep the areas outside the structures neat with well-trimmed yards and well-kept trees, bushes, and flowers. The more effort you put in to make the area a great place to live in, the quicker you will receive applications from potential individuals who want to reside there.
Protect Your Investment and Your Tenants
Accidents will happen and some of these mishaps can significantly damage your building. You can protect your property and your tenants by purchasing insurance for your investment. Contact your agent and discuss what coverage they recommend for you to have and what the cost will be. You will want it to take care of anything that may happen to those who live there or visitors who stop by. You can also get policies that will defend you in the event of a lawsuit. Prepare as much information as possible to get a quote then budget the money for your first month.
Set Up an Agreement With Your Potential Tenants
All the work that you put into your property may fall away if you house people who destroy it or make situations less than pleasant for others in the complex. Require every potential tenant who inquires about a space to complete an application including at least three references. This is also a great time to request a review of their background and credit. If the results are positive, be sure to have them sign the contract with you. You should also require cash down as a despoil to cover anything that may happen to the apartment.