Owning rental property is a smart investment, but is not for everyone. Unfortunately a lot of landlords get in the game without enough knowledge or capital to keep their new business venture afloat. Even worse, they’ve decided to try and save money by self managing instead of hiring an experienced property management company. Fort Worth landlords should be aware of the potential pitfalls and cash flow problems they may encounter before deciding to invest in real estate. The property management experts at Specialized RPM can help you set realistic expectations so you’re not caught off guard when your rental property hits a bump.
Money Flowing In, Money Flowing Out
Being a landlord obviously isn’t as simple as cashing rent checks. Regular maintenance and planning for emergencies will set you back at least 10% of the monthly rent on your home, and sometimes that number is higher. If you plan on “breaking even” after you pay fees, your mortgage, and whatever else is due each month you need to reconsider your financial situation. Money may be flowing in from rent checks, but make sure you factor how much will be flowing out so you don’t find yourself underwater. Your Fort Worth property managers can help you determine how much to set aside for maintenance, vacancies, and profit.
Professional Fort Worth Property Managers Will Save You Money
Self management may sound appealing, but most landlords don’t realize they end up losing money when they self manage. Unless you are a professional property manager with years of experience and nothing else vying for your time, it is easy to either let things fall through the cracks or simply be unaware of costly rental pitfalls. Code violations, longer vacancies, and poorly selected tenants are just a few of the common mistakes you can avoid by hiring a property management company. Fort Worth landlords have trusted Specialized RPM for almost 30 years because we know how to make your rental property into a success. We can help you set realistic expectations, so give us a call today!