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5 Biggest Mistakes Landlords Make With Their Properties

April 24, 2012 | Comments: 0 | Views: 105

Landlords invest in rental properties to make money, not become a charitable foundation. So why do so many of them turn their investment into a charity?Why is it that some investors can research, purchase and rent out properties that are profitable from the start while other landlords continually make bad decisions that cost them any chance of creating wealth for them now and in the future.

Listed below are 5 of the biggest mistakes made by inexperienced landlords:

1. Not Getting Help Thinking that you can manage your rental property with no experience and no-one to call on for help can cost you dearly in money and time when issues start to arise. Appointing a property manager is a great idea because it puts someone in charge who's sole purpose each day is to look after your investment along with other clients properties. Its well worth the small extra expense particularly when you start growing your empire into multiple properties.

2. Treating Rental Homes Like Hobbies If you paid $300,000 for a business you would no doubt treat it very seriously and ensure that you got the most from that business. A rental property is no different and should be treated equally as seriously so that it can achieve its maximum potential at all times.

3. Performing Cheap Repairs When landlords don't see any real value in maintaining their own rental property there is going to be bad times ahead. This is a bad way to think and can lead to vacant properties due to bad relationships with tenants and bigger repairs needed due to not tending to the smaller ones and allowing them to deteriorate further. Don't ignore any issues or they will cost you much more in the future.

4. Thinking Renovations Are Easy If you want to renovate your investment property that's great but be sensible about it. Thinking you can do it all with an open check book is a recipe for financial loss. Take the time to get quotes for all of the jobs that you can't or don't want to do. Remember that some jobs like electrical and plumbing need a licensed trade person to carry out the work. Make a budget and stick to it.

5. Doing Everything Cheaply Landlords that try and cut corners and do things as cheaply as possible are taking on huge risks.Sometimes a few carefully spent dollars can make all the difference to any part of your rental property when trying to present it in the best possible way and create some demand for it. You will discover a direct connection between the presentation of a rental property and the quality of people applying to rent them.

I will be writing another article soon with the next 5 biggest mistakes that landlords make and it will be on the website as well.

Helping people learn about every aspect of investing in rental properties is what we do at and we love doing it. It is a fantastic way to create your dream lifestyle for you and your family in an exciting way that you can do in your spare time. Come and check us out and grab your free 7 day eCourse to get you started.

Source: EzineArticles
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