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If you have been in the real estate game for any period of time, you know that purchasing properties is much harder today than in years past. More people are resorting to rentals than purchases, as banks tighten their lending requirements. So, for real estate investors that specialize in buying and rehabbing rental properties, you may find it easier than ever to find and keep renters.
With that in mind, it is important to consider whether or not you will be maintaining the properties yourself, or if it’s worth your time and money to hire a management company to do the job. Of course, when you first purchase a property, you will need to get it ready to rent by doing the basics such as installing new locks, purchasing and installing fire extinguishers, smoke and carbon monoxide detectors. For many investors, this is something they have no problem doing themselves. If a property requires more than the basics, such as major remodels to bring the property up to code, you may consider hiring a contractor. For your protection, you should always make sure that you do a reference check, as well as an insurance check before you make your decision. Hiring someone to do the maintenance of your properties is a wise investment if and only if you hire wisely.
During the process of preparing the property, you should also maintain a home safety checklist. If you are unsure what items should be on the list, there are many online resources for landlords that you can use to get the answers you need. Checklists are not just important for your records, but for your tenant’s records should a problem arise.
It is also important that you never underestimate the importance of taking pictures of your property, both inside and out. In fact, property damage is perhaps the most common problem that arises between tenant and landlord, so keep the photos on file, as chances are great that they will be needed at some point.














