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Tag Archives: costs of owning a rental property

The First Year of Owning a Rental Property

It’s been one year since our first residential rental property opened for business. I say that because it’s very important to treat investment property like a business.  After being landlords for a year, I though I would share my thoughts on the whole process of rental property ownership.  Property Management We chose to use a property management company, and up to this point, they have done a wonderful job. The particular company we use has an agreement in each lease to go in every quarter for seasonal updates to the property. While, this is true, it’s actually a great way to make sure the tenants aren’t running a meth lab in our house. We also get a report after each inspection with repairs that need to be done right away or in the future. Our tenants were late with the rent only one time. They paid about a week late, along with the $50 late fee.  I’m honestly very glad I haven’t had to go chasing anyone for late rent because I’d probably be a sucker for a sob story. For now, we will keep property management so that we don’t have to worry about things like this.  Unexpected Costs ...

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