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We've been receiving a lot of questions about this topic lately, so today we want to talk to you about investment properties.
The most common mistake investors make is not raising the rent. They put a tenant in place and keep the rent the same for years. The rent covers the payments, and if they pay on time, it's a win-win. Right? Wrong. When tenants get comfortable with their rents, their other expenses tend to eat up their leftover income. When it's time to get them out, they will have a hard time finding a comparable property at the rent you've been charging them.
"Get a professional rental analysis."
It will be a challenge having them vacate the property when it’s time to sell, but we have a very easy solution. Get a professional rental analysis.
Raising your rent to market rates may even cover the management fees. We highly recommend Duke Kimhan and his staff at Hawaii Pacific Property Management. Let them take the call for a clogged toilet on Super Bowl Sunday. We use them for our own investment properties and they could be a great fit for you if you're thinking of investing in Hawaii real estate as well.
If you have any questions for us, don't hesitate to give us a call or send us an email anytime. We look forward to hearing from you.