Low budget property in Muscat
by Shahrukh Khan Shahrukh KhanWelcome to:- https://qserveoman.com/
Rental
property in Muscat
Low
budget property in Muscat
Having
your own rental property management plan is key to residential Rental property
in Muscat investing.
How
about a gutter gets disconnected. No big deal, when it rains make sure your not
standing underneath it. Winter comes, where water hits the ground, it starts to
collect and then it freezes. Whoops, someone slips there and you get sued. Big
problem. It pays to have a rental property management plan.
How
about that exterior porch wood that needs painting. No big deal. Next year.
Next year comes and goes and you saved 700 bucks not doing it. Three years
later you spend $2000 having wood replaced because its to rotted. Big problem.
It pays to have a property management plan.
You
get the idea, whether something breaks or routine maintenance - things need to
get fixed and maintained. A good Rental
property in Muscat management
plan helps ensure easy and profitable multifamily property investing.
Low budget
property in Muscat factors for a good rental
property management plan. Knowing who is responsible for managing the
properties maintenance, who is going to fix things and when will things get
fixed are the three main factors. Having a game plan for these three things is
vital for maintaining your rentals. Theses three factors should be addressed
and included in the lease. This ensures the tenant knows ahead of time what to
expect when things need repairing or maintenance.
Lets
start with who will be responsible for managing your rental property. Seventeen years experience of owning rentals
has taught me that know one else will be better than the property owner for
being responsible for managing the maintenance
of your rental units. So the most cost effective rental property management
plan has the owner doing the managing.
Before
you say, oh god, what a nightmare managing rental property is, let me say I
have learned and you can too, how to make property management simple and
profitable.
In
fact, for those who understand and implement
a solid rental management plan correctly and continue investing wisely
in cash flowing residential multifamily properties will find that their hourly
pay time for managing their rental
properties is extremely lucrative.
Needless
to say, I personally strongly advise against hiring a management company for
residential rental property.
Lets
address who is actually going to be fixing
broken items or doing the required maintenance?
You,
the owner, your payroll help, a hired handyman, who is going to actually be
doing the physical work for fixing and maintaining your rental units. Why is it
important to have this be part of your rental property management plan?
Well,
what you don't want is having every time something needs to be repaired become
a stressful costly headache.
By
knowing who is going to be doing the repairs
ahead of time, through your rental maintenance plan, you eliminate two
potential problems.
One,
when a problem does occur, your somewhat prepared by having had developed a
list of contacts ahead of time. Secondly, being prepared like this,
tremendously reduces stress and makes managing your rental property easy.
Hopefully
you see the importance of knowing ahead of time who is responsible for and who
is actually going to be doing the maintenance work.
Later,
I'll tell you the third important key for a cost effective, easy to
implement rental property management plan.
A
few additional things to consider regarding rental property management. If your
just starting out and you buy a multifamily house, and your a hands on type person you may want to do as
much of the maintenance and repairs as possible.
If
you go on to keep investing in multifamily houses you'll find actually doing
the physical maintaining of your income properties to burdensome.
Understand
that managing rental properties and doing the physical work are two different
things.
If
you decide to hire a maintenance man or handyman to do the maintenance, ask
around local hardware stores for referrals or ask people in a Home depot or
Lowes. They're not supposed to refer people but I have been pleasantly
surprised how many people moonlight or know someone fair priced and reliable.
Look
in a local paper for a handy man you can enlist to do the maintenance. Call a
few people placing adds, not big print adds, rather the small adds and tell
them what kind of help your looking for. Listen to them give their spiel, ask
questions and ask if they can offer you anyone who they worked for in past as a
recommendation. If they check out tell them you'll be giving them a call when
you need them.
Personally,
I do not recommend hiring an outside company to do your rental property
management.
Another
great place to get names of reliable people to do your repairs and maintenance
is through your local REIA group. The more names and numbers for cost
effective, reliable maintenance men, the better. Put their names, numbers and
what they do into your cell phone or keep them in a special book. I'm sure I'm
not the first or last person to put a name and number in a book and later not
remember who they are or what they do!
Who
might you want to have on your rental property maintenance list before you even
need them? A few general handymen, a furnace repair man unless you want to get repair contracts from the gas
company if your property heats by gas, an exterminator ( I actually have
contracts for quarterly prevention with exterminator on all my units), an
appliance repair man if you supply appliances, a plumber, a drain cleaning
company and someone to shovel or plow your dwellings.
If
you went on to own a lot of multifamily units, you may want to considering
hiring someone on full time for doing the physical maintenance work. Personally
I prefer having a large network of contacts I can call on for maintenance and
repair work over having employees.
If
you follow these rental property management guidelines, managing your cash flow
units is simply a very profitable job of receiving and making phone calls.
Earlier
I mention there was one more important factor to address regarding how to
manage your rentals.
When
will things be repaired? Put in the
lease or addendum how long you have to make arrangements to have things fixed,
twenty four, forty eight, seventy two hours? Put it in the lease so tenant
knows how you maintain your property. It may seem silly, but I've found by
having the tenants being aware of how you manage and maintain your rentals the
less misunderstandings you'll have.
Remember,
your in charge. Its your property and having a solid rental property plan and informing your tenants how you
maintain your rental property will make owning investment property all the
better.
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Created on May 23rd 2021 00:27. Viewed 130 times.