The Cost Of Being A Landlord - Can You Afford It?
Property Managers more often than not bear the brunt of the ugly landlord who can't afford to keep up with the daily costs of owning an investment property.
This relationship tension is further tested when the tenant reports a need for urgent repairs at the rental property. How will these immediate repairs be carried out when the landlord cannot afford to pay for the tradespeople and the materials.
As a property investor it is critical that the landlord has a buffer funds account to meet the urgent repairs. For instance, a burst hot water system that is irreparable and must be treated as an urgent repair can cost anywhere within the vicinity of $2,000 - $5,000 to supply and install a replacement system.
Before you jump into the thrill of becoming a property investor do some due diligence and be sure that you can afford to meet your responsibilities as a landlord. Click on the link to get your free report, The 5 Costly Mistakes Landlords Make With Their Investment Properties
Written by Chris Snell, Property Manager Australia, Rental Success Blog
The costs that landlords pay when owning a property are frequently underestimated by first time investors. As you mentioned, you should have a reserve fund and be prepared to spend from that fund. Tenants need to have their repair needs met quickly and professionally if you expect them to renew their leases. It's not cheap being a landlord.
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