One for the Owners

By
Services for Real Estate Pros with Homepointe Property Management

Too too often I see a sad story unfold before my eyes. Its part of the American dream to save money, buy a home, and whether its right away or 10 years down the road, to take that home and turn it into a rental property. Now your investment is working for you, hopefully providing some income, and yet you can maintain the home with the income. My concerns come when the owners of the property put their life savings into a home. They get everything up to code and running smoothly, expecting to find a renter whom will take care of the home as if it were their own. Time and time again I have see devastation from the investor that put everything into a home and rented to the classic late paying tenant who eventually stops paying, and just when they decide to leave before they get evicted, you find out the 2 pit bulls living in the house have ruined the carpet and the kids have been coloring on the walls in their spare time. Now, because the owner decided to find the tenant themselves, their whole life savings and investment has gone down the drain due to their choosing of the tenants. This is not to say that management companies can foresee the future and screen perfect tenants. But with such big investments into homes, the owner should consider hiring a management company to find and place the tenant AND manage the home. This will allow a barrier from the tenant and we can always be the bad guy! So invest your money wisely and don't spend $20k to fix up a property, then turn around and find a tenant yourself because you don't want to hire a management company for such little comparative cost.

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