24 Jun Tips for Protecting Your Income Property Investments from Liability
There’s no doubt that investing in income property is one of the smartest decisions that any investor can make in 2019 because it’s been one of the best-performing assets of the last 20 years.
As with any asset though there are some liabilities that you should consider before investing in income property
Once you’ve invested in income property, you should hire an attorney to answer any questions that you might have about potential real estate investing liabilities and then purchase liability insurance so that you can protect your best interests legally.
Hire A Property Management Company
As an investor, you already have your hands full when it comes to building your portfolio of investment properties.
When you add to that the responsibility of having to stay on top of all the Federal and State laws that affect your landlord-tenant relationship it makes sense to hire a property management company.
If you’re not familiar with all of the benefits that come with hiring a property manager, here’s what they can do for you.
- Find and Place High-Quality Tenants – The first benefits that come from hiring a property management company is high-quality tenants. You can expect your property manager to utilize a “rigorous” screening process which will ensure that only the most qualified tenants are living in your rental properties.
- Ensure Compliance – Another awesome benefit that will come when you hire a property management company is you will be able to stay compliant of Federal and State housing laws without having to do any extra work yourself.
- Rent Collection – Your property manager will collect the rent on time from your tenants each month and deposit those funds into your account so that all of the income from your rental properties is 100% passive.
- They Will Be the Buffer Between You And Your Tenant – When it comes to customer service or maintenance issues, you can also count on your property manager to be the perfect buffer between you and your tenants so that you will not have to deal with any issues related to your property yourself.
- Ensures Profitability – From setting the correct rent, to making improvements or repairs, your property manager will be the best resource that you will ever have because they will help to ensure that your rental property stays profitable for years to come.
Hiring A Property Manager Is A Smart Long-Term Investment
Regardless if you’re just getting started with investing in income property, or you’ve owned rental properties for years, one of the best long-term investments that you can make is hiring a property manager.
MW Real Estate Group is your best resource in Los Angeles for sourcing, acquiring and managing rental properties.
To learn more about the services we can offer you contact us today by calling (213) 927-2117 or click here to connect with us online.