How you can really be “passive” landlord — profiting without doing any back-breaking work, taking any late-night phone calls, or dealing with any nightmare tenants.
When speaking of the key issues for your investment, I am, for this article, not talking about the keys that will lead to your success. No, today I am writing about the actual keys that open the various doors to your rental. Yes, the very same keys that open your home and your car. Keys are a necessary tool that must be managed by the landlord and property manager with an eye towards the security of all involved.
When your property becomes vacant, it is critical to immediately tour your vacant property once the tenant has turned in their keys. An inspection should be done within hours of receiving the key to the now vacant property. At the conclusion of your move out inspection many managers install a lockbox on the front door or on a spigot and then call a locksmith. The locksmith will then retrieve the existing key…
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