- This is such an important question because homes are like living, breathing organisms that require ongoing maintenance and do break down at times. While we don’t know what repairs your home will need or when, we do know that your home will need them. Some of them may be costly and won’t be covered by insurance, such as an old, leaking roof.
- While many repairs will be covered by the rent we collect, we can not stress enough how important it is to create a financial cushion set aside specifically for your rental home/s for costs that exceed rental income. In addition, particularly if you have a mortgage, you need to be prepared in case a tenant pays rent late one month or not at all, or if there is an extended vacancy. We recommend that you have a minimum of 3–6 months’ worth of rent set aside.
- To emphasize how important having proper finances for your rental property is, we’re going to take this a step further and let you know up front that we don’t take on clients who can’t take care of their properties, and we don’t keep clients who won’t. In working with us, you agree to keep up your property based on our expert knowledge of what needs to be done. During a make ready, this might include significant repairs, so we need you to be prepared for that and ready to provide the funds. In return, we promise to protect your investment, be mindful of your wallet, and spend only what’s necessary.
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