Here are a few questions for all the landlords on this forum or people thinking about renting out their property... When renting property out, what are your biggest concerns and worries? What part of the process gives you the most difficulties? What part do you hate the most?
I don't even know where to begin answering this question, i 'll be answering it in bits, alot has happened to me since i started renting a property my mom left for me...negatively, but i have learnt my lessons... i want to rent it out but first am currently looking for professional agents who take their work seriously{my first biggest concern}...who will manage the property for me as am not so 'hands on' plus am a newbie in this area of being a landlady...am pretty grateful to this forum...the advice i've been getting is awesome and immense...i'll be back with more answers in that regard
I suppose the one thing every landlord is afraid of is having the renters damage their property. Yeah, the houses could be insured but insurance doesn't cover everything. What if a tenant starts a fire by accident and that's not covered by insurance? There are numerous what if . . . scenarios.
I stay away from directly renting property. My main reason is that it's much more simple and less risky to get involved through a REIT. Not only do you have professionals manage everything but you also get a good diversity of different apartments etc. so problems with one won't kill your profits for the whole year. So many things can go wrong. Bad tenant and unexpected maintenance work would be at the top of my list.
I enjoy providing a safe and confortable dwelling for a person(s) to rent. However, the downside of renting is finding the right tenants and tenants who uphold the lease. I strive to keep the property updated, but bad tenants cause me to be more strict.
