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Updated over 2 years ago,
General property management best practices
I'm very early on in my journey in buy-and-hold long-term rental real estate investing; I only have one unit that I purchased in late-2019 before having encountered biggerpockets and the other online resources on the topic. I bought the unit new, but there's just been nonstop occurrences of various issues in the unit, despite it being new construction (not the tenant's fault). This leads me to start pondering how I can best create a system for when I start scaling so I can make resolving repairs and issues as cost effectively and efficiently as possible. Any tips & tricks from seasoned landlords? I have a few specific questions as well:
1) Should I install keypad locks on my rental units' doors so that I don't have to rely on the tenant to let in the maintenance guy? This probably makes turning tenants easier, so I don't have to bother with keys, right?
2) Any recommendations for property managers in Richmond, VA?
3) Should I come up with a list of preferred plumber/electrician/handyman, etc for the property manager so that I know I'm getting good price/service?
4) Any recommendations with regards to brands/models of appliances (fridge, oven, washer/dryer, etc.) that are the most durable and cost efficient? Would it make sense to standardize the brands across my future rentals?
5) Would it ever make sense to have the tenant be responsible for getting the washer/dryer fixed if they break?
Any sort of tips & tricks for the rehab process or during the actual rental period to make things run smoother/more cost effective would be greatly appreciated! Thanks in advance.
1) Should I install keypad locks on my rental units' doors so that I don't have to rely on the tenant to let in the maintenance guy? This probably makes turning tenants easier, so I don't have to bother with keys, right?
2) Any recommendations for property managers in Richmond, VA?
3) Should I come up with a list of preferred plumber/electrician/handyman, etc for the property manager so that I know I'm getting good price/service?
4) Any recommendations with regards to brands/models of appliances (fridge, oven, washer/dryer, etc.) that are the most durable and cost efficient? Would it make sense to standardize the brands across my future rentals?
5) Would it ever make sense to have the tenant be responsible for getting the washer/dryer fixed if they break?
Any sort of tips & tricks for the rehab process or during the actual rental period to make things run smoother/more cost effective would be greatly appreciated! Thanks in advance.