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As we get older, many find themselves with disposable income. We typically “spoil” ourselves with a few gifts, a nicer car, and vacations. Then we start thinking about our future and retirement. So we start by funding our 401k/IRA, invest into stocks, bonds, and life insurance to name a few. Then the lucky few look into buying rental properties. While time has shown that buying rental properties is a great source of income and typically has good return on income (ROI), this doesn’t come without its downside.
Personally having sold or brokered 1000’s of transactions, it never seems to amaze me at home many investors don’t know what they are truly getting into. Many real estate agents only show them the “perfect” ROI, and don’t factor in vacancy, major repairs (roof, A/C), eviction/legal costs, and the true cost of repairing items when you or your “handyman” friend can’t make it over to replace the water heater on a Sunday evening.
When buying rental properties in Las Vegas, we at Robinson Realty & Management deal with this on a daily basis. Having advertised, leased, moved out, and overall managed a large number of homes, we have seen our fair share of evictions with rental properties, and the many other pitfalls that come with being a landlord.
I found a great article in Money Crashers written by Angela Colley that addresses some common concerns with rental properties and various costs. She lists the various issues and costs associated with them. Many items can be circumvented and significantly reduced by choosing a qualified property management company in Las Vegas.
http://www.moneycrashers.com/five-issues-with-buying-rental-property-and-becoming-a-landlord/
