You may have settled on and bought an investment rental property in Evansville that at the start appears to be outstanding – low property cost, high rent, great residents, and only some minor maintenance that begs to be done. The drive is only about 45 minutes each way, and you decide to visit about once per month. Every little thing appears to be outstanding, so what could go wrong?
To lead off, residents do not tarry permanently. The ordinary resident for a single-family residential space will last a year and a half. People secure their own homes, move for job positions, and have other life milestones that can result in resident turnover.
As soon as your resident leaves, you must fix the property, have it cleaned up and all set for the up and coming residents. You can commission professionals to do this work, but at the barest minimum, you must drive to your rental property to examine what must be done, and then make a return trip to make sure that your vendors did the job as required. If your vendors have ignored many minor things, then this may entail extra trips on your part.
Once your property is primed, you will need to spread the word about your property. Did you remember to take pictures when you investigated your vendors’ work? If not, then you will need to carry out another trip. You will also need to make a trip for each showing. On average it takes 7 to 15 showings to pinpoint a quality and qualified renter. You could aspire to set up many showings during the same day(s), but again and again, what works with your schedule does not work for your applicants’ schedule, and so you should plan on making many trips.
After you have pinpointed a steadfast resident, you will need to make a further trip for the move-in procedure. Regardless, residents frequently have several follow up requisitions soon after moving in, whether it be a question on how to operate the dishwasher to small maintenance requests, and so you will need to plan quite a few trips within the first few weeks after move-in.
Okay, you now have an outstanding new resident who pays the rent on time. Every little thing goes easily for quite a few months, but then the toilet overflows. Your resident must be at work and is unable to get together with the plumber, and so there is another trip for you. No problems for a few more weeks, but then your resident has a conflict with a neighbor over the weekend, and there goes your Sunday. Everything goes smoothly for the next few weeks, but then a fuse blows, but your resident cannot find the fuse box, shutting off the heater in the middle of the winter…and you get interrupted with a call at 3 am.
Although that 45-minute drive seemed manageable when you first purchased the property, it now steals away on not only your time but also the overhead for gas, as well as wearing away of your vehicle. How much is your time valued at, do you think? That 45-minute drive each way for all the number of a different facet that you must take care of will add up.
Buying a property in an immediate city can be an outstanding investment with the reasonable purchase price, high rent, and steadfast residents that you had first planned. However, the time and monetary cost of the daily tasks can change that dream investment into a nightmare.
The professionals at Real Property Management Results can contribute. We will show your investment property to hopeful residents, sort prospects, manage the move-in, act toward resident emergencies and 3 am phone calls, and attend to maintenance issues. Even more, we always attend training in resident-landlord laws, such as fair housing and evictions, plus are licensed and insured to manage your property fruitfully in concurrence with regulations and statutes.
Have you gauged the true cost of your investment rental property? Please check our website and contact us online or call us at 812-461-1676 today for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
