It’s certain that apartment investing isn’t for everyone. Some people simply
aren’t cut out for apartment investing for one important reason – there are
always going to be some little problems to deal with. If you’re the kind of
person who simply can’t deal with a constant barrage of little problems, you
should probably think twice before you take on an apartment investing
opportunity. But there are some effective ways to deal with those little
problems – and some vital reasons that you should.
It’s just a little leak. The nice young lady who lives in that apartment has
been patiently mopping up the water on her kitchen floor for more than a year.
She never thought to report it because it seemed like such a little thing to
bother someone with – until the not-so-patient man in the apartment under hers
complained about his leaky ceiling. By the time you even know about the problem,
it’s not just a leaky pipe to be fixed. It’s well over a thousand dollars worth
of flooring, cabinets, ceiling tiles and insulation. Welcome to the world of
apartment investing.
But how could you have dealt with this problem while it was still a little
problem? The reality of apartment investing is that there’s no way to catch
every single problem while it’s nothing more than a leaky pipe, but there are
some things you can do to help the process along.
Hire a superintendent or maintenance person as part of your apartment
investing deal. Depending on the size of your apartment building and the amount
of your apartment investing opportunity (and the amount of return), you may not
need someone full time. Even if you just have someone available a couple of days
each week to handle minor problems like the leaky pipe, tenants are much more
likely to inform someone if that person is available and ready to work on the
problem. Arranging for some easy method of reporting is also an important part
of your apartment investing.
Remember that the building represents your apartment investing opportunity
and you should reward those who report problems. Just as tenants aren’t likely
to go to a lot of trouble to track down the person who can take the report, he
isn’t likely to make a second report if you are grumpy about a leaky pipe. After
all, it is your apartment investing opportunity he’s trying to protect. The next
time you hear from that tenant, it’ll probably be notice that he’s moving or
that the kitchen cabinet has fallen through the floor.
Vacant apartments should get more than a good cleaning between tenants to
make sure your apartment investing opportunity is being cared for. There’s no
better time to check for problems than while an apartment is vacant because
there are fewer things to cover up those problems. Do careful walk-throughs,
looking for weak spots in floors. Check outlets, light switches and electrical
appliances that are part of the apartment. You’ve made a significant financial
commitment to your apartment investing deal, and protecting that investment just
makes sense.
There’s no doubt that apartment investing isn’t for everyone, and that’s one
of the reasons. As an owner, you have to find ways to make your apartment
investing opportunities pay off, and that means keeping your apartments in good
condition and retaining quality tenants. Making sure that you pay prompt
attention to requests for repairs is one way to make the most of your apartment
investing deal.
