Vanguard Properties
Kelly McLain Treacy, Vanguard PropertiesPhone: (917) 435-8805
Email: [email protected]

Is Being a Rental Property Owner Worth the Hassle?

by Kelly McLain Treacy 12/27/2020

Photo by OpenClipart-Vectors via Pixabay

It’s only a hassle if you’re not in control. There are a lot of ways to do investment property wrong, but here are the ways to do it right so that it’s an asset, not a nuisance. 

  • Be picky about the property. While you don’t need to purchase anything high-end, always choose something you could live in with no problem. The neighborhood is decent. The roof doesn’t leak. There are no mold or pest issues.
  • If you’re not handy, find someone that is to help you out. Houses need maintenance. Taking care of your property is part of the business of ownership.
  • Buy extended warranties on the appliances. If something goes wrong, you can get them repaired or replaced instead of having to buy new ones.
  • Take charge of the pool care, landscaping, pest control and other services. Your tenants will be happier, and your property will be better for it.
  • Have a strong rental contract or lease agreement. Get expert advice so that you’re in compliance with all tenant laws, but don’t leave yourself open to fishy situations.
  • Hire a management service if you aren’t able to handle the day-to-day personally. Remember, rental property isn’t mobile, so if your career moves you across the state or across the country, you don’t want to have to sell the rental before you can move.

Owning a rental property is a long term investment. You won’t make your money back in the first year, or even the first several. It’s a long term investment. Don’t plan to live solely on the money unless you can invest in several rental units. But if you do it right, you’ll have a reliable source of passive income that will see you through your retirement years. Eventually, you’ll be able to exit your day job and live on the overage.

Spend time with a real estate professional experienced in buying investment properties. Let them know your long term goals and how you envision your rental property business. They can help you find properties, management services, contractors for repairs and even recommend a pool guy.

About the Author
Author

Kelly McLain Treacy

Prior to launching a career in real estate, Kelly was a financial professional, starting at KPMG in Miami, where she earned her CPA as a forensic accountant. She excelled in her field working with various equity trading businesses at leading investment banking firms such as Lehman Brothers, JP Morgan, and Deutsche Bank, while living in NYC, Zurich, and London. She also spent time working in Tokyo and Sydney. 

With her vast experience, Kelly intimately understands the emotional and financial investment of selling or purchasing a home and will manage every detail of the process. She grew up in a family of real estate agents, general contractors, and property developers and has an appreciation for all aspects of the industry from start to finish. Combined with her determination, high integrity and strong work ethic, along with her professional skills highlighted below, she will go above and beyond your expectations to negotiate the best deal for you.