Check Your Investment Property
First Story: I realized last week that I had not been inside one of my rental properties in about 14 months. This is despite the fact that I drive by it every week or so as it is near my parent’s new house. The building was built in 2006, these are the first tenants to live there, they have never called about anything, and their rent is always on time.
Regardless, I did get a little anxious thinking about what condition this property could be in as they have an active 25 pound dog and 2 cats.
I called the tenant 24 hours in advance and told them I needed to do a walk through to check out the place and review the mechanicals. The next day I arrived and found the townhouse in perfect condition. I dare say that it looks as good now as the day they moved in 18 months ago. Thank you!
Second Story: I received a letter from the City of Minneapolis Rental Property Department, about 2 weeks ago, informing me of a rental inspection at one of my duplexes this Friday. Both units were renovated about 18 months ago and should be in good condition. Additionally, I speak to these tenants at least monthly and they rarely have any maintenance issues. I decided to schedule an inspection several days in advance to check things such as smoke detectors, fire extinguishers, and other safety items that I know the Minneapolis inspectors love to catch.
After changing batteries in the smoke detectors in unit #1, I headed up to the other unit to find that all the smoke detectors had been put in a drawer. After replacing all those units, the tenant mentioned a window on the porch that had a problem. The window was 100 years old and the sash had finally separated from the rest of the window. Consequently, it was pouring cold air into the unit. I pulled it out, brought it to the shop and re-glued and re-glazed everything. Good as new and I have a happy tenant to boot.
My advice: Now that the holidays are a distant memory, now is a good time to get back into your properties and check them out. Call it a mechanical inspection or what ever, but get in and see how the property looks. This will also give you a chance find those items that the tenants have not called about (or don’t want to call about). It is important for the health and safety of your tenants as well as the longevity of your property.
Have you always wanted to buy investment property, but never knew where to start? Don’t Wait! Get Started now.
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