So, you’ve decided to invest in property? If that’s the case, then you might want to set it up as a secondary investment. Ideally, you want to make sure that this doesn’t take up your spare time. It should be a side hustle where the money comes in, but you don’t have to put that much effort into keeping it in check. How do you do this?
Appeal To The Right Target Tenant
The only way to keep investing in property handsfree is to buy to let. When you buy to let, you can fill up the property with tenants and gain a nice little income from their rent each month. However, to do this, you need to make sure that you are attracting the right tenants. Students can be quite useful because they expect the bare minimum. On the other hand, their parents might be another story, complaining if the apartment isn’t kept to a certain standard. They can also create issues with authorities and other neighbors if they make too much noise. This will create trouble for you.
Your ideal tenant is a single working professional. They won’t have a family to worry about, will typically be out of the property for most of the day and will work to ensure that they do what they can to make sure they get the deposit back. As such, the property will be kept in good condition.
To get the working professional, the property needs to be stylish, attractive and modern.
Hire A Property Management Team
You probably don’t want to be contacted when your tenant has an issue with a property. Nor, do you want to be responsible for ensuring that you find a tenant for the property that you own. Well, if you invest in the services like property management from Carls Properties, you won’t have to. They’ll handle everything for you and ensure that everything is taken care of with no trouble at all. This is the only way to ensure that handling your property is, completely hands-free. With a service like this, you might need to meet up with your manager on occasion, but for the most part, you’ll stay out of it. Instead, you can just happily watch the money come into your account.
The Handyman Can
Next, you need to make sure that you have a handyman. Things do go wrong with properties through no fault of the landlord or the tenant. These issues need to be fixed. Some landlords have the DIY skill to fix this themselves. However, if you want things to be handsfree and keep your spare time, you really need someone else to handle this for you. A handyman can look after your property and ensure that no issues cause problems for you or your tenants.
Take this advice, and you can keep your property investment a hands free experience. The money will come in each month, and you’ll never have to worry about those little jobs that need sorting out. Just remember to tax your property correctly as a business venture. Otherwise, you might find you’re hit by a large penalty from the government.
New study: US Cities Where Student Loan Borrowers Struggle the Most
This is a collaborated post.