Buying and owning an income-producing rental property is great, that is until one realizes the heavy responsibilities that come from being your own property manager. Before committing to managing your own rental investment, be sure to be aware of everything that comes from handling a property yourself.
Here are three top things that you may love about having your own real estate investment, and three things you may hate about managing it.
1. No Vacations
Despite the hype, it’s not usually easy to be able to drop your property and leave on a vacation for a week or two. You will need to be available to tenants 24/7, 365 days a year which makes turning off your phone a little more of a luxury.
2. Less Time
While your property may be income-producing, you may also be saying good-bye to chunks of your time due to all the calls you have to handle yourself, tenant showings, and any repairs you’ll have to coordinate yourself. Unlike a regular 9-5 job, tenants will expect full availability of your time.
Being in the frontline of property management, it’s important to know the risks physically, legally, and financially. As landlord, you will need to be aware of all these risks to ensure your property is running smoothly and without issues to either yourself or the tenants.
Investing in rental properties is great, however, the results will vary on how the property is managed and who manages it. Before moving forward with your investment, be sure you’re ready and have the time to handle the challenges that come from owning your own rental property. If you’re unsure you won’t be able to take this new project on, be sure to contact one of our skilled MGR Property Managers.