Apartment Investing
Apartment Investing – Finding the Little Problems While They’re Little Problems
By Buyincomeproperty.com
Nov 21, 2005, 09:47

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.