Owner FAQ
Owner FAQ
1.
Is Investment Property ownership a get-rich-quick business?
NO! It is a long-term approach to financial success. Typically, a minimum time frame of 5 to 10 years is required before significant gains are realized. If you have a little patience, you will most likely be very pleased with the results.
2.
Is it easy?
NO! Owning and managing Investment Property is not for the faint-of heart. There will surely be problems; however, with an experienced, professional Management Team behind you, problems will be minimized. Over a period of time, the small backward steps should be far outweighed by the forward steps.
3.
How long will it take to find a Tenant?
That depends on many factors, including current market conditions, rental price, the condition of your property, upkeep of the neighboring properties, and time of year. Typically though, houses will rent in 30 to 60 days.
4.
How do you screen Tenants?
We are members of a nationwide Tenant Database reporting company. This company maintains a list of Tenants who have not performed well. We also review credit reports, back ground check, verify salary and employment history and talk to previous landlords.
5.
What if a Tenant doesn’t pay rent?
Rent collection is handled through our office. If a Tenant doesn’t pay on time, we start the legal process. If the tenant still refuses to pay, we follow through to an eviction. Thorough Tenant screening insures that this is a rare occurrence, but it can happen. Almost always, we can handle this for you without the need for you to hire an attorney.
6.
How are repairs handled?
When we receive a maintenance request, it is reviewed by the Property Manager who will decide what course of action should be taken. The work order is then passed through to a service technician with whom we have negotiated favorable repair rates. Upon completion of the work, to the Property Manager’s satisfaction, the repair invoice will be paid, typically out of the rental income. We only use licensed and insured repairmen, most of whom have a long history with us.
7.
What happens if there is an emergency at my property?
We consider an emergency to be any situation that involves an immediate threat to life, health, or property. In this event, call 9-1-1 if appropriate. Then call our office and follow the instructions for reporting an emergency.
8.
Who pays the utilities?
Almost always, the tenants are responsible for all utilities. Some exceptions may occur, such as in multi-family buildings.
9.
What tax documents do you provide?
You will receive a Form 1099 showing your annual rental income. You will also receive a detailed year-end statement that will list all expenses paid on your behalf.
10.
Are your Management fees tax-deductible?
We suggest that you ask that question of your accountant, but traditionally, the answer is yes.
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