If you’ve made a turnkey investment and are becoming a landlord, you’re in for several challenges. The paperwork side of turnkey real estate is often the easy part for many people – it’s the day-to-day challenges that get some of us.
One issue that becomes more and more frequent the more properties you own is maintenance. Stuff is always going to go wrong on tenants’ properties, and it’s your job in most of these situations to find the solution, and do it as quickly and cheaply as possible.
For some issues, this may mean turning to a professional. In others, though, there are plenty of things you can do yourself to save cost and time. Let’s look at some of the benefits that come with a do-it-yourself mindset as a landlord.
If you keep an outside company or individual on the payroll, chances are there will be at least a few occasions where you pay for time or services that aren’t truly being performed. They’ll assume you don’t know what in the world they’re talking about most of the time (it’ll probably be true pretty often), and many may use this to take advantage of you or your tenants.
The ability to handle certain issues yourself limits this potential. Better yet, a basic working knowledge of as many areas of your properties as possible will allow you to at least keep up in the conversation, and not be taken advantage of when you do have to call for outside help.
“But I don’t know how to do any of this stuff,” you might be thinking.
That’s true for many of us, but what you may not know is how simple it is to learn some of the basic maintenance tasks that take place around a rental property. Videos on YouTube or elsewhere online will have numerous basic tutorials on simple processes, and there are hundreds of specialty forums within every conceivably industry. If it comes to this, you can even use social media – if you have a wide network of friends, there’s a good chance someone knows someone who has the answer to your questions.
As you’re throwing yourself into this do-it-yourself approach, there’s no question things could be rough at the start – but using your tough experiences to your benefit is the name of the game. Not only do you learn new skills each time out, you figure out which tasks you absolutely can’t perform on your own and which will be simple fixes in the future.
Consider whether a project you’ve completed is something you expect to be doing frequently, and focus mostly on projects where the answer there is yes. Over time, you’ll be able to streamline your maintenance processes into a system that stays profitable for you without ever over-taxing your skills.
Want to learn more? At Americas Housing Alliance, we’re experts in turnkey rental properties and all the details that come with them. Our brokers are standing by to take your call.