Once your tenants have moved in it is worthwhile to check up on them and your property.
I would suggest doing this early on, both to show the tenants that you and your managing agent are available if they need it and to ensure they have settled in well. This visit will provide you with the opportunity to see how they are treating the property and make sure they are doing all they need to do to keep the property in decent shape.
Don't take too much time doing this, do it at a reasonable hour and be brief in your visit; it's not a deep inspection, it's just a general overview of how things are going. Respect the tenants time and privacy as much as is possible.
A month or so later I would follow up this inspection with another visit. If everything is in good order, then there is no need to inspect the property more than once every six months to a year. Subject to of course the situation and relationship with the tenants changing.
A decent, trusting relationship with your tenants will not only create loyalty from your tenants but give you comfort. A great man once told me, "trust, but verify, and all will be well."
Once you have settled into owning one investment property, the possibility is always there to learn from your first one and add to your investments with additional properties.
I would love to hear some stories from our readers who have been through their first investment and share with us some of the lessons you have learned.
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