Ten Suggestions for Landlords and Managers of Residential Properties – Josh Diggs

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Headshot_JoshOkay. So you have made the leap and acquired a real estate investment asset to begin your portfolio. The next step, managing the property, is a recurring problem that arises for many investors. Real estate needs to be managed. A poorly managed property is a strain on any investor’s time and finances.

Josh Diggs, of Palm Capital Partners of Tampa, shares with us 10 tips for successful and effective property management. With years of experience in owning and managing investment real estate, Josh has crafted the essential shortlist to property management. His 10 tips cover all the points landlords and managers need to know about residential property management.

  1. Due diligence on tenants
    1. Background checks, credit checks
  2. Don’t make exceptions on tenant-screening policies
  3. Don’t buy used appliances
    1. Repair costs on used appliances total more than purchasing new
    2. It is better and more cost-effective to purchase new appliances w/ warranties
  4. Condition forms
    1. Have tenants complete and sign formal acknowledgments of unit conditions upon move-in
  5. Be cautious hiring sub-contractors
    1. Cheap ones may be appealing but service is unreliable/faulty
    2. Referrals and word-of-mouth are best vehicles for finding reliable sub-contractors
  6. Bed tenants mean bad communities
    1. If existing tenants are bad influence on community, remove them
  7. Complete regular property inspections
    1. A/C, smoke alarms, etc.
  8. Always deal with tenant directly
    1. Don’t allow friends or family of tenant to intervene in matters involving the property
  9. Maintain timely property maintenance
    1. Waiting on necessary replacements and repairs may have serious long-term consequences
  10. Always be professional
    1. Regardless of situation, never allow personal matters to affect business

Josh’s company Palm Capital Partners, LLC is always looking for new investment opportunities. They are mainly interested in B+C multi-family properties.

If you have any questions on investing in the Tampa area or have a property you wish to sell you can contact Palm Capital Partners at 888-805-9317

or you can contact Josh directly at 727-859-6510

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