It appears that many individuals experience a moment in their lives where they aspire to become a landlord. With the prevalence of reality TV shows and success stories of those who have transitioned from full-time work to earning substantial sums of money through rental properties, it’s understandable why people view being a landlord as a profitable and enjoyable endeavor. Initially, it may seem effortless and straightforward to own multiple properties and collect rent checks each month. Additionally, it may seem like a simple task to make a bank deposit each month and earn a considerable income.
Of course, in reality, life as a landlord is by no means simple.
Landlords are responsible for managing a plethora of tasks ranging from minor issues in the plumbing system to major electrical malfunctions, repair work and renovation, dealing with tenant-caused damage and much more. In addition, they have to ensure regular lawn care and maintenance check-ins, while also bearing the cost of repairs which are often due to tenants who may have vacated the property. Keeping track of all these tasks and meeting deadlines can be challenging, and the extensive list of responsibilities can make being a landlord seem less attractive.
Being a landlord can be a challenging job but it is still a highly profitable one. Finding the right tenants can make the job a lot easier and save you from a lot of hassle. However, even with good tenants, landlords have to ensure that the property is well-maintained, repairs are done timely and all tenant issues are addressed. This requires a lot of time and effort, including taking phone calls, scheduling handyman visits and even paying for these expenses out-of-pocket. While the rent payments make it all worth it, it can be difficult to manage everything in between paychecks.
As a landlord, managing one or multiple properties can be a daunting task. This is where a property maintenance company can help. They take care of all the maintenance and repair work, freeing up your time and energy to focus on other aspects of property management.
After providing the company number to your tenants, they can directly report any issues related to the property to the company. The maintenance company will take care of everything from scheduling repairs to meeting with the people you hire. Additionally, they will provide you with a weekly summary of all the maintenance and repair work done.
With the property maintenance company handling all the maintenance and repair work, you can focus on marketing your properties, managing due dates, and collecting rent. Ultimately, you can have more time and energy to invest in growing your property portfolio.
Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses from 2007 up to the present of experience in real estate investing and property management in the Memphis and Nashville markets.