Should I be physically visiting my LTR properties once a year?
I own two long-term rentals (single family homes) in Colorado. I haven't physically been inside either property for years; I've only driven by each house 1-2 a year. Each of the tenants are great, they always pay on time, and are good with communication. They have told me when things break, and whenever I check in throughout the year the tenants say the house's condition is great. However, it still feels strange to not know firsthand the condition of each property's interior or exterior. Should I be visiting these rental properties at least once a year to inspect the interior and exterior condition, or is that not necessary? My rental agreement states I have permission and authority to do so.
Any advice is appreciated. Thank you!
Most Popular Reply
Great question @Roman Randall, sounds like you've got some great tenants in place.
If you're handy and/or have experience with repairs or maintenance, I think its a good idea to inspect the property at least once a year.
If preferred, you can have a home inspector check out the property each year. Many benefits to this route in my opinion.
The inspection report (typically 10-20 pages) will:
- highlight condition of mechanical systems: heat, gas, hvac, electric
- give you an idea of which cap ex items need attention: plumbing, foundation, roof
- detect hazardous conditions: termites, mold, asbestos, etc
- summarize interior and exterior condition of the property
- lastly, it sets the expectation and gives reassurance to tenants that you are on top of things
There are even tools out there that help you estimate repair/maintenance costs based on the inspection report i.e. repairpricer.com
All the best to you!
Abel
- Abel Curiel
