10 Mar Absentee Landlords
Absentee landlords are landlords who do not come to their property once a week because of living a significant distance from the rental. But, the problem with this is that being absent is tough. That’s because when you are not monitoring your rental property on a frequent basis problems come up. Many of which can be overlooked. And, this is where things get risky. One of the greatest risks of being an absentee landlord is not keeping up with maintenance requests and other obligations at the rental property. This includes things like spotting potential problems before they become big issues and dealing with tenant issues. Don’t forget that absentee landlords have the same responsibilities as any other landlord. For this reason, we offer some insight on the risks of being an absentee landlord.
Please Note: this information is not intended to be exhaustive or a substitute for qualified legal advice. You are responsible for performing your own research and complying with all laws applicable to your unique situation.
The Risk of Being a Long-Distance Landlord
One of the greatest risks of being a long-distance landlord is not keeping up with the required maintenance and repairs at the rental property. Not only do long-distance landlords miss out on the opportunity to spot potential maintenance issues, but also tenant issues. When you are not monitoring your rental on a frequent basis, problems can arise that you may not be equipped to deal with. And, there are so many things that need to be handled. From marketing vacant units to screening tenants and selecting a competitive rental price, long-distance landlords have a lot of risk. Here are a few reasons why this is true:
Why It’s Risky To Be An Absentee Landlord:
You Can’t Check for Potential Maintenance Issues: before they become big issues, such as:
What Every Absentee Landlord Needs To Know
Owning a rental property can be financially rewarding, but it does come with some risks. Especially when the property is located outside your home town. So, whether you made a choice to expand your investment portfolio, or you inherited a property you want to rent out, the reality is being a long-distance landlord is not easy. In fact, one of your biggest challenges will be the hands-off approach you will have to take.
Living far away means you won’t be able to make regular visits to inspect your property. Not to mention the fact that if and when a maintenance emergency arises, you can’t just run over to your property to assess the severity and/or the potential damage it may cause. So, with this in mind, we offer some insight on the key to positive cashflow and stress free management for absentee landlords.
A Guide To Stress Free Property Management For Absentee Landlords:
Help For Long-Distance Landlords
If you are a long-distance landlord and do not have someone to monitor your rental properties on a regular basis, things can easily go awry. For this reason, you may want to consider hiring a property management company to help you. If your rental property is located in San Diego, Rancho Mesa Properties has the resources you need! Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help.
We manage all types of residential rental properties including homes, condos, and multi-family properties such as duplex and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176. We will save you time, money, and the stress that comes along with managing your own rentals.