So, your friend, family member, co-worker or significant other are encouraging you to buy Central Valley Rental Properties but you’re not sure if you should get into owning Real Estate because you’ve heard about the pitfalls that can come with being a landlord.
In this article we will break down some of the most common pitfalls that come from owning rental properties in the Central Valley, and how you can avoid them.
Pitfall #1 – Tenants Not Paying On Time
To avoid this common pitfall make sure that you establish with your tenants when rent is due, and then make it very clear that if they fail to pay by your due date, they will have to pay a late fee, or be evicted.
Another thing that you can do to avoid renting to tenants who don’t pay on time is to review a tenant’s credit report and search for things like missed payments, or their payment history, so you can get a good idea of the character of the person you might be renting to.
Pitfall #2 – Property Falls Into Disrepair
This can happen when owning Central Valley Rental Properties because, most property owners fail to stay on top of property maintenance and make repairs when they are needed. To avoid this pitfall make sure you inspect the property quarterly, and make the effort to repair your rental or make badly needed improvements when your current tenants move out.
Pitfall #3 – Frustrated Tenants
Last of all, but most important, another common pitfall that can come with owning Central Valley Rental Properties is when your tenants are frustrated with you because, you’ve failed to make repairs when you promised you would or you didn’t resolve other issues at the rental property that are affecting their quality of life.