An investment property can be a wonderful way to pad your nest egg, but if that investment property is not in the same state in which you live that also means that you will have to manage that property long distance. Just as with any other long distance relationship, managing a property long distance is something that requires great finesse in order to pull off. It can be done, but the challenges can and do persist.

In order to make sure that you will be able to manage your property long distance you have to be sure that you are getting the right tenants in place. This will of course require you to advertise in the local publications within the area that the property is located, but the work doesn’t stop there.

Before a tenant will agree to rent or lease from you they will no doubt want to see the property. If you cannot be there for the showing then you have to arrange for someone to be there. Once you have agreed with the prospective tenant on a rent price then you should do the following:

• Background Check: Running a background check on all prospective clients will let you know whether or not they have had any run-ins with the law that may possibly discourage you from renting from them.

• Credit Check: Another optional step to take before renting to anyone is a credit check. While it won’t tell you about their character, it will tell you what their late pay or delinquency patterns are. Again, this is something that may encourage or discourage you from renting to a prospective tenant.

• References: Always ask for the prospective tenants references in regards to past landlords. Make sure you get at least three and take the time to call and talk to each one. This is the easiest way to ensure you are going to be dealing with a reputable tenant.

Once you have the right tenant in place it is simply a matter of communication. Good communication needs to come not only from the tenet, but on your part as well. Failure to communicate properly can be disastrous.

Be sure that your lease or rental agreement spells out in black and white what your responsibilities are and what the tenant’s responsibilities are such as lawn care and general maintenance. Decide what you will pay for and give it a number value. For example, write that you will pay any repairs that are over $40 and the tenant shall be responsible for any smaller repairs under $40. This will keep the tenant from calling you ten times a day over every little thing that goes wrong.

If all of this sounds as though it is too much for you, then managing your property long distance may not be your cup of tea. You can always hire a property manager that will handle all of the everyday events that come with owning a property. Yes they will cost you money, but it may be worth it to you to ensure that your long distance relationship with your tenet stays as friendly and prosperous as possible.

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