Losing tenants is, at one point, inevitable. Whether they leave because of dissatisfaction or due to circumstances that you have no control over, the most important thing is to know how to keep the vacancy rate relatively low.
Articles in Category: Property Management
In getting into real estate business, you will also have to decide whether you want to get sole ownership property, or you want to share it with a couple of other individuals. Of course, there are benefits and disadvantages whatever structure of ownership you are going to select. You can choose among sole proprietorship, joint ownership, partnership and corporation. Let me explain the mechanics of each before you pick out what’s best for you depending on your capital, amount of responsibility you can take, projected income and whether you want collaboration or not. You might want to work all by yourself, or you might want to work with a partner or a group. Either way, there are pros and cons. If you work solely, you will assume every revenue, as well as all the capital and responsibility, and expansion will be quite difficult. If you have a partner or a group to work with, the revenue might be divided, but you are capable of growing so big since you have bigger source capital and more people working towards a common goal. Regardless, the kind of ownership will be dependent on your decision.
As to the answer to the question above, monthly inspection are neither entirely good nor entirely bad. Depending on how you want to run your business and what your ideals are, the other one could work better for you over the other.