Do you wish that being a landlord took up a little less of your time? Well, as long as you do the right thing by your tenants and provide them with homes that are safe, suitable and up to scratch, there is nothing wrong with being a little lazy.
By embracing a few simple tips, you can make sure that you’re always in a position to do a little less while earning more. Read on to learn more about what I mean by this.
Choose Investment Properties That Are New and Ready to Use
First of all, you should try to choose properties that are ready to use straight away. If you buy an investment property that is going to require a lot of work and renovations, then this will just take up even more of your time. On top of that, it will delay your returns because it will be longer before a tenant can move in.
It’s pretty easy to find a home that doesn’t require this level of work. You just need to check out the property before placing an offer on it. Be sure to find out about every fault and problem it has before going any further.
Use the Services of a Property Management Company
If you don’t want to be a landlord in the conventional sense, but you still want to make money from your property, you should use a property management company. All you need to do is select a property manager and let them get to work on managing the home. They will find tenants, manage their needs and even carry out evictions when necessary.
It’s a good way of taking some of the work off your shoulders, and that has to be a good thing for you. You will still get the money, minus the manager’s fee, of course. And you won’t have to put in any effort at all. It’s not an arrangement that will suit everyone, but it could be what you’re looking for.