Available
$
149,900
1218 WILMORE ROAD
MEMPHIS, TN 38117
2 BR • 1.5 BA • 1,031 SQ FT
  • Target Rent $1,295
  • Cash on Cash Return 8.0%
  • Total 1 Year Return 40.1%
  • Neighborhood Score: A++
Available
$
194,900
20 Garden Springs Drive
OAKLAND, TN 38060
3 BR • 2 BA • 2435 SQ FT
  • Target Rent $ 825
  • Cash on Cash Return 2.6%
  • Total 1 Year Return 41.8%
  • Neighborhood Score: A++
Contract Pending
$
86,500
3772 Rainford Drive
MEMPHIS, TN 38128
3 BR • 2 BA • 1,096 SQ FT
  • Target Rent $850
  • Cash on Cash Return 11.2%
  • Total 1 Year Return 42.5%
  • Neighborhood Score: B


Five Things to Check During Mid-Lease Inspections

Five Things to Check During Mid-Lease Inspections

Locating a tenant for your property may be the most important step but don’t dust your hands off for a job well done just yet. Even though you may have recently renovated the property and screened the tenants thoroughly, you still own the property and it is up to you to deal with any problems that arise over time. If you are waiting for the tenant to notice or report a problem you might miss the opportunity to fix it before it becomes a bigger issue. Routine property inspections may not be your favorite part of ownership but it is just too risky to ignore the condition of your property and how the tenants are treating it.

 

Regular inspections of your rental properties are not only a courtesy for your tenants, insuring that they have the best renting experience possible, but mid-lease inspection go a long way to ruling out any negligence or questions of liability on your part. Checking up on a property can stop crime, reduce property damage, and minimize income loss.

 

Here is a quick checklist of things that you should be looking for on your inspections.

1. Neglected repairs? A leaking toilet or water pipe may start out as something small, but over time the damage to the plumbing and the water damage to the house can become quite substantial. Spotting things like this early on can save you a lot of money and save your tenant a lot of stress. Remind your tenant that they don’t need to wait for the next inspection to report a problem. If you schedule a repair, verify that was completed and that your tenant is satisfied.

 

2. Unauthorized occupants: People who are not screened, are not on the lease, and yet have full access to the property not only pose a safety risk but can cause problems when it comes to enforcing the lease. Be sure you know your legal limits when it comes to guests. You must follow the law, as well as the language in the lease

 

3. Safety hazards: Be aware of issues like disabled or malfunctioning smoke and carbon monoxide detectors, blocked access to windows or doors, open electrical components, shaky railings on stairs or balconies, space heaters, overloaded electrical outlets, and extension cords running under carpet or along walkways. Listen to tenants’ concerns regarding safety at the property.

 

4. Develop a relationship with your tenant: Spend a little bit of time with the tenant. Find out how things are going, and whether they have any unanswered concerns. As uncomfortable as property inspections are for landlords, it may be even more awkward for tenants, who feel they are under a microscope. A property inspection need not be intimidating; it’s an opportunity to connect with the tenant and resolve any problems that may be percolating.

 

5. Signs of criminal activity: Check for odd smells, covered windows, or any signs of reconstructed water or electrical systems. These could be signs of drug manufacture. Also network with the neighbors and neighboring property owners as this is a good way to be made aware of problems before the issues affect your income.

 

Regular inspection of the premises can go a long way to insuring both you and your tenant are happy with your arrangement and that your investment is being cared for. If you are not in a situation to manage your properties personally check that your management company has a procedure in place to proactively find and solve problems.

Memphis

Memphis Investment Properties

Address: 4701 Summer Ave
Memphis, TN 38122

Telephone: 901-244-5820

Fax: 901-842-0803

Email: info@memphisinvestmentproperties.net