The 5 Biggest Problems for Landlords in Stratford and How to Handle Them. Residential rentals offer fantastic tax benefits and can grow into significant wealth over time. But, for example, when looking at a potential investment and reviewing the accounting records, you can’t see all of the behind-the-scenes hours spent screening and dealing with tenants or the financial costs to create that steady and reliable flow of income. The bottom line is that your investment returns reflect your management skills.
You should carefully consider the roles you imagine yourself playing in the business and strategize accordingly. It would be wise to seek the counsel of a trusted friend, family member, or someone experienced with investment properties to assist you with such significant investments when you’re new to the market.Â
Also speak with a Local real estate attorney to ensure you have all of your bases covered.
Even with assistance, it’s helpful that you understand the basics, so you should enter into this area of investing with your eyes wide open to the realities of managing rental properties. Read on as we explore the five most significant problems for landlords in Stratford and how to handle them.
Reliable Service Providers
A problem for landlords in Stratford is failure to team build. So, unless you intend to wear every hat, from maintenance to manager, the more time you spend networking and building a team of reliable providers to care for your properties, the fewer of these problems you will have to face.
You want to make sure to align yourself with reliable:
Contractors
Handypersons
Electrician
Plumber
Inspector
Roofer
Setting Standards
One problem for landlords in Stratford is the failure to set standards for the tenants you place. By setting out your standards in writing and upfront, you can ensure many things, the most important of which is the legality of your standards. A professional home buyer like those at Tristate Holdings 167 can help you set out the rental criteria that fall within local, state, and federal guidelines while helping to ensure you the best tenants.
Potential Candidates
Another problem for landlords in Stratford is the pre-screening stage. In addition to consideration of their standings under your written standings, you should ask pre-determined questions, again considering all laws governing tenants and landlords. Again, working with a professional home buyer like those at Tristate Holdings 167 means access to pros to help you handle this job.
Screening System
Comprehensive screening is a must, and failing to do so can become an expensive problem for landlords in Stratford that can quickly escalate into a nightmare. For a checklist of screening processes you can rely on, work with a professional home buyer like those at Tristate Holdings 167 to help guide you so you’ll have the best possible tenants.
You always want to check an applicant’s:
Employment History-How long have they worked at this location
Obtain References from prior landlords to gauge how they were as a tenant in their buildings
What is their income. Is it from one source or multiple sources. How long have they been receiving such income. The longer the amount of time the better.
What is their credit score and debt to income ratio?
Calling References
Not following through with reference calls is a big problem for landlords in Stratford. However, there is a literal treasure trove of information that a previous landlord can provide. If you don’t want to handle this, consider working with a team of local pros, like the team at Tristate Holdings 167, who will care about your property and your tenants as if it were their investment.
Let’s face it, professional property management systems and a strong local network of skilled tradespeople and other professionals in the real estate industry like our in-house team at Tristate Holdings 167 can eliminate these costly problems for landlords in Stratford. Happy tenants tend to remain in place, meaning there are fewer turnovers and more profit at the end of the year when you work with the pros at Tristate Holdings 167. Our local professional home buyers can help you locate the best property within your budget, bringing you the highest returns on your investment dollar. You can count on Tristate Holdings 167 Inc. to handle everything needed for a successful investment property and a healthy real estate portfolio; you can relax and enjoy your retirement. Call Tristate Holdings 167 Inc. at 1-(888) 788-7478.
Listed above are a few ideas on how to pre-screen potential tenants. It is well worth the effort to conduct background checks and obtain references to possibly save you headaches in the future. Nothing is a 100% guarantee. There are times when even the most experienced real estate investors double and triple screen potential tenants and they still end up dealing with issues. By screening tenants in advance you have a much stronger probability of running a successful rental business.
Tristate Holdings 167 is a team of Cash Home Buyers. We Buy Stratford CT Houses in the following surrounding areas of Stratford, Connecticut (New Haven, West Haven, East Haven, Woodbridge, Hamden, Orange, Branford, North Haven, Ansonia, Derby, North Branford, Shelton, Milford, Seymour, Oxford, Guilford, Bridgeport, Stratford, Trumbull), and other areas in Connecticut.
Whether you are trying to avoid foreclosure, inherited a property you do not want, dealing with a divorce, or are fed up being a landlord dealing with tenants, we can help. If you need to Sell Your Stratford CT House Fast, we offer Cash For Homes in Stratford Connecticut!