Owning rental properties is a great way to build upon your retirement.
We have invested in several downtown properties and have worked to slowly upgrade them to attract higher income tenants.
Unfortunately, you never really know how a person will take care of your property until they live there. Sure, you can do background checks for financial history and criminal activity, but, you can’t know how they keep a house or maintain a place. We have had some real problem tenants in the past, but, the newest one makes up for a lot of them. He has a degree as an interior designer and works for one of the largest firms in the area. He fell in love with the original woodwork of the apartment and says he can’t wait to move in and decorate it. He showed us his portfolio and he seems to have really good taste when it comes to color and furniture. We even agreed to let him paint so long as he shows us the colors ahead of time for approval. If it works out well we may see if he wants some side work to help us out with the other properties as we work on them. We really struck gold when this tenant applied to rent from us. I feel like he will take perfect care of our apartment and only enhance it for future tenants too. He even said that he loves to garden and asked if he could update the flower beds around the building in his spare time. I told him to let his friends know that if they are looking for a place to live to let us know and we will see if we have an opening for them too.