How the Remote Control Retirement Riches Formula Is Ideal For Investors
For first-time investors and property owners, the idea of giving out their property on rent can be an intimidating one. How does one draft a lease or rent agreement? What are the terms that must be included? How does one protect one’s interests as a property owner? What are the loopholes that tenants can take advantage of? What are the local laws and regulations? And if one gets a draft agreement from a friend or from the internet, what does all the legalese even mean? All this can be confusing and a lot of investors have a lot of very worrying questions for me. When they ask me, how do I create a lease, I tell them, you don’t.
This is the job of the property management firm.
These are contractors who manage residential, commercial, or industrial real estate. It is the job of these firms or individuals to manage properties – homes, condos, apartments, etc. They supervise and look after the property, deal with tenants, and help the property owner navigate the whole process. So what does a property management firm do? They not only collect rent but also oversee and manage the day-to-day requirements of managing a property. They help find tenants for your property and then are the liaison point for the tenant – for maintenance issues, repairs, and so on. Basically, they do the heavy lifting so that property owners have a more hands-off approach to all the nitty gritty that comes with being a landlord of any property.
And yes, they help with creating the lease as well. The property manager is there to see that your interests as a property owner are protected and that this is taken care of in the terms of the lease as well. They have local know-how and they are conversant with the local regulations and state laws. Since they work in the local markets they have valuable insight to share with property owners. They can help avoid legal issues, assist in finding a new tenant at the end of a lease, and more. They are basically the local presence managing your property while you could be living all the way across the country.
Remote Control Retirement Riches.
All of this can be very valuable indeed – particularly if you live in San Francisco and own property in Oklahoma that is to be let out to a tenant. This is all a part of our formula; something we call Remote Control Retirement Riches. After you’ve taken the plunge and invested in property, you need to do nothing! As I always say, doing nothing is the toughest job in the world, but that is what you need to do while your property earns you a passive income and appreciates in value over the years.
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