Residential rentals offer fantastic tax benefits and can grow into significant wealth over time. But, for example, when looking at a potential investment and reviewing the accounting records, you can’t see all of the behind-the-scenes hours spent screening and dealing with tenants or the financial costs to create that steady and reliable flow of income. The bottom line is that your investment returns reflect your management skills.
You should carefully consider the roles you imagine yourself playing in the business and strategize accordingly. It would be wise to seek the counsel of a trusted friend, family member, or someone experienced with investment properties to assist you with such significant investments when you’re new to the market.
Even with assistance, it’s helpful that you understand the basics, so you should enter into this area of investing with your eyes wide open to the realities of managing rental properties. Read on as we explore the five most significant problems for landlords in Detroit and how to handle them.
Reliable Service Providers
A problem for landlords in Detroit is failure to team build. So, unless you intend to wear every hat, from maintenance to manager, the more time you spend networking and building a team of reliable providers to care for your properties, the fewer of these problems you will have to face.
One problem for landlords in Detroit is the failure to set standards for the tenants you place. By setting out your standards in writing and upfront, you can ensure many things, the most important of which is the legality of your standards. A professional home buyer like those at Detroit Real Estate Investments can help you set out the rental criteria that fall within local, state, and federal guidelines while helping to ensure you the best tenants.
Another problem for landlords in Detroit is the pre-screening stage. In addition to consideration of their standings under your written standings, you should ask pre-determined questions, again considering all laws governing tenants and landlords. Again, working with a professional home buyer like those at Detroit Real Estate Investments means access to pros to help you handle this job.
Comprehensive screening is a must, and failing to do so can become an expensive problem for landlords in Detroit that can quickly escalate into a nightmare. For a checklist of screening processes you can rely on, work with a professional home buyer like those at Detroit Real Estate Investments to help guide you so you’ll have the best possible tenants.
Not following through with reference calls is a big problem for landlords in Detroit. However, there is a literal treasure trove of information that a previous landlord can provide. If you don’t want to handle this, consider working with a team of local pros, like the team at Detroit Real Estate Investments, who will care about your property and your tenants as if it were their investment.
Let’s face it, professional property management systems and a strong local network of skilled tradespeople and other professionals in the real estate industry like our in-house team at Detroit Real Estate Investments can eliminate these costly problems for landlords in Detroit. Happy tenants tend to remain in place, meaning there are fewer turnovers and more profit at the end of the year when you work with the pros at Detroit Real Estate Investments. Our local professional home buyers can help you locate the best property within your budget, bringing you the highest returns on your investment dollar. You can count on Detroit Real Estate Investments to handle everything needed for a successful investment property and a healthy real estate portfolio; you can relax and enjoy your retirement. Call Detroit Real Estate Investments at (248) 905-1531.