If you’re in the rental property game but are nervous about how you’ll handle managing multiple rental properties, you’ll be glad to know that there are a few tips and tricks that you can try to make this easier for you. You can find ways to earn the maximum amount of money from your rental properties without having to have stress that increases exponentially with each new purchase.
To help you see how this can be accomplished, here are three tips for managing multiple rental properties.
Err On The Side Of Over-Planning
When you own property that you rent out to other people, this is something that you should absolutely view as a business for you. And because of this, you should come into this situation with as much of a plan as you would with any other business.
While you might start off with just one property, to ensure that you’re operating in a way that’s sustainable, you should always have a plan in place for how you’d handle having more than one property. This way, when you do get the chance to buy something else, you can move right ahead with the purchase of this property without having to worry about how you’ll have to rethink everything you’ve already been doing regarding your other property or properties.
Consider Keeping Your Properties Close
As you start to acquire properties that you’ll rent out to other people, one thing that you might want to do is seek to keep your properties relatively close to one another.
While you can make it work to have a property that’s a bit distant from you, it’s going to be much easier for you to keep an eye on things, make good relationships with your tenants, and do things like regular maintenance and checkups on the property if you’re close. Additionally, if some kind of emergency comes up at the property, you’ll want to be able to get there quickly so that you can get things taken care of before too much damage is done.
Don’t Take Everything On Yourself
When you just have one rental property, you can pretty easily handle all of the work for the property on your own. But once you move into owning and managing multiple properties, it’s going to be very hard for you to do everything by yourself. Rather, you’ll want to find people that you trust to help you with all of the legwork.
For all of the legal aspects, getting into a managed services agreement could be a great idea, as it will save you from doing a lot of the paperwork associated with owning rental properties. You can also hire people to do things like screen potential tenants, handle the rent payments, do the maintenance, and much more.
If you want to own rental properties but you’re worried about managing everything, consider using the tips mentioned above to help you figure all of this out.