While a real estate investment can help you build wealth, you already know it’s not a free ride. You don’t just buy an investment property, make it rent ready, and place tenants in it. If it were that easy, more people might do it.

In Texas, there are many guidelines and requirements for income property owners. Taking some essential steps as a responsible property owner will protect your investment and increase returns.

3 ways to be prepared to cover your responsibilities

Protect your investment property by being prepared. There are certain situations that may arise that are outside of standard property management tasks.

Here are three ways you can be prepared:

1. Save repair and upgrade money in a separate bank account every month. This money is earmarked for repairs and upgrades. Upgrades can usually be planned; repairs are generally unexpected. If you have multiple properties, the amount you set aside should be substantial in case more than one unit needs attention. We can make specific recommendations about financial planning during a personal consultation.
2. Consider the tenant’s perspective. We understand that your property might not be a high-end, executive rental. However, it’s easier to get and retain top-quality tenants when we acknowledge and approve reasonable requests. We ALWAYS need to respond quickly to any request that impacts habitability. Legally, tenants must have a safe and healthy place to live.
3. Understand that short-term pain can lead to long-term gain. It is never fun or convenient to invest in repairs, maintenance, and upgrades. They can be costly and consume your time and energy. However, properties that are not maintained incrementally deteriorate, meaning you must reduce rent, settle for lower quality tenants, or take a lower price at the time of sale.

By preparing for property maintenance expenses and acting quickly to address problems, you can protect yourself and your profits. If you have questions about the condition of your existing properties, we’re happy to speak with you and give honest feedback.

Expert investment property management

Properties deteriorate over time. Things break. Styles change. As the property owner, you are responsible for ongoing maintenance, repairs, and upgrades. And, if you (or we) place tenants worth treasuring in your property, they will expect prompt responses to necessary requests.

You must be prepared to honor your commitment to maintain the property. We’re guessing you want to delegate the detailed work of this to a competent property management company. Our expert team has been managing maintenance tasks for our clients for years. We know how to filter out unnecessary requests, respond quickly to emergencies, and plan for and facilitate upgrades that maximize rent and property values.

Are you ready to put us to work? Schedule your free consultation today.