Good management leads to good financial results. Having tenants who pay on time, stay for several years, and treat the property and their neighbors with respect is the key to profitable property management.  But like most things, it’s easier said than done.  One of the greatest deterrents is financial independence through real estate investments is the fear of management and dealing with tenants.

If you choose the wrong tenant or fail to address certain maintenance issues, your real estate investment may turn into a costly nightmare.  By doing your homework in advance, you can reduce those beginners’ mistakes.  Experience is a great teacher---if you can afford the lessons.

If you already own your own home, then you already have some basic knowledge about the ins and outs of owning and maintaining real estate.  The question then becomes how to translate that knowledge into managing rental property.

The skills you need to successfully manage your own rental properties are different from the skill you need to handle your own property maintenance.  Most rental property owners find that using trusted and reasonable priced contractors can be a valuable option in the long run.