So you have a headache property let's discuss the ways you can cure it.
There are a few different causes for why your property is causing you headaches. Lets go over some of the causes and how to resolve them.
CAUSE #1 Are you geting overwhelmed with the calls from tenants?
Resolving the demands of tenants can become quite tasking and if you are handy with tools or not as your portfolio grows so will the calls for all of your tenants. You now have a second job and it is more emotionally draining then your first job.
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CURES: The best way to totally eliminate this problem is to get a property manager. Which comes with its own set of problems. But if your just starting out that may not be ideal. Some of the ways to eliminate those calls as your portfolio grows. The first thing you should do is allocate a portion of your rental income to getting a home warranty that covers appliances and minor plumbing issues. 1-5 properties get a dedicated line to handle all your tenants calls. Nowadays you can easily add a second phone line to your cell phone. Create a customized voicemail message and have your tenant leave all of the pertinent information in their message and you can get to them on a priority base that you determine.
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CAUSE #2 Are you having trouble getting quality tenants? That investment property isn't bearing any fruit. You are having months go by before you get your next tenant in your property. You don't want to keep draining your nest egg paying another mortgage payment.
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CURES: You may be suffering from a lack of good marketing. Tenants aren't going to be flooding in just because you put a FOR RENT sign in the front yard. The most desired properties are tucked away in pretty neigborhoods. The problem with that is those areas don't have the traffic to keep you with a long waiting list of tenants. Social Media is the best way to get your marketing out to possible tenants. Facebook Market Place, Twitter, and Instagram are just a few of the places that you can market your rental properties.
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CAUSE #3 Are you doing alot of showings, but are not getting potential renters to call you back. Does the look of disappointment on renters faces when they see your property eating away at your confidence.
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CURES: Enhancing the curb appeal of your rental property is not as difficult as you might think. Keeping your property updated will ensure that it will stay rented. If you can add it to the rent have a landscaper clean up the font yard every four months or change in season. A little paint goes a long way. Ensure that the exterior of your properties looks appealing. It will increase the value of your property and promote pride in your tenants and give them a reason to help in the upkeep of the home.
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These are just a few of the curable problems that your Headache Property could have we are always willing to share ideas with other investors.
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