Over the past few years I have been investing in rental properties… My sibling is the one who got me interested in rental properties as a up-to-date investment! In our experience, rentals can be a enjoyable investment & the best area is that it is what they call, “passive income”.
What that means is that you don’t have to actively work on the investment in order to experience returns.
If you hire a property employer & have them coordinate repairs, your task is done once you close on the property. However, greater repairs & property improvements are still going to be your responsibility. I have a rental that our company partners affectionately call the tiny beach house because it is only 400 square feet! The tiny beach house has been a enjoyable rental, however it now needs some plumbing work. I can already tell that the home will need a trenchelss sewer maintenance that includes a trenchelss sewer line upgradement. The reason I want trenchless plumbing is because the property has really nice landscaping… Right now, the beach house is vacant! So, I know it’s the right time to call for the sewer line repair! Otherwise, if a tenant is occupying the home I could be looking at the increased cost of hiring an emergency plumber. The moral of the story is that a rental property can be a enjoyable investment, however you have to avoid major repairs such as emergency plumbing. The other piece of advice I have is that before you agree on a purchase price, things such as the plumbing should be assessed & if your property will need trenchless pipeline rehabilitation, it’s best to negotiate a lower price.