Investing in rental properties in other cities, states or even countries can make a good return for you, but, the problem is, who take care of your assets on behalf? Pass over your rental properties to property management company? Are they trust-able? Can you make it by yourself?
Become a landlord can be difficult, but be a offsite landlord can be a lot more difficult. There are many complexities matters involved that you will need to be prepared for if you decide to get involved as an offsite landlord. Here are a few challenges to consider before getting started.
➊ Rent Payment
You’ll need to create a few online bank accounts for rent payment. It can enable your tenants transfer the rent payment to you every month, and you can online check out if they have pay the rent on time. If pay late or hasn’t paid, give them a call or an email for reminder. With this way, you’re no need to collect the monthly rent payment personally.
➋ Tenant Move-In and Move-Out Processes
Here are 2 options for you, ① Hire a property manger to handle check-ins and checkouts ② Visit the every each rental properties personally, when the tenants move-in and move-out. The second option may not a good option for most people, so you will have to find someone trustable to be your eyes and ears during the tenant move-in and move-out processes.
➌ Tenant Management
Finding a trustworthy tenant is difficult for an offsite landlord. Anyone can look by its outlook, but if you didn’t meet them in person, it will be difficult to determine if they are a good fit for your property. Besides, it’s difficult to build relationship with your tenants as well, as you are far far away. You will only talk to them when they fail to pay the rent. Therefore, the tenants might not care about you, and your property, maybe.
➍ Maintenance Work
Every properties need to conduct maintenance work once a year. The maintenance work require take up a lot of time an energy. If you hire someone to handle this stuff for you, they will charge you at a higher fees. Besides, you won’t be able to see the actual problem of your properties and make sure the tenant isn’t taking advantage of you. Unless, you travel to each rental properties once a year to inspect the maintenance process.
There are just a few of the many challenges you will face as an offsite landlord. You will likely to encounter more when decide to investing in rental properties overseas or over-states.
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