Many people invest in real estate to generate profits by way of renting out the properties they own. It's an excellent source of income and there are untold numbers of landlords who have created immense wealth. The truth is, however, that it's no easy task to be a landlord. In fact, it can be downright exhausting to manage one property, let alone several. There are ways, however, that a landlord can turn their rentals into a hands-off business, so they can rest, relax and enjoy the life they dream about.

Allow Tenants to Handle Repairs

Performing repairs on rental properties can take up a great deal of time for a landlord with other pressing obligations. While it's important that repairs are completed quickly and properly, it's not always necessary for the landlord to complete them on their own. In fact, when the tenant and landlord have a good relationship, it can be easier to allow the tenant to manage repairs on their own. The tenant could arrange for a tradesperson to do the work, send over a copy of the invoice, and then deducts the total from the rent due the following month. It's a win-win situation.

Automate Rent Collection

One of the problems that landlords frequently encounter is chasing down tenants to collect rent payments. If a tenant sends in a rent check, it's easy for them to claim it's been lost in the mail or that a delay is caused by the bank. Avoiding this scenario is a matter of using technology. There are a variety of online rent payment services available that make it easy for tenants to pay their rent, and for landlords to collect. Some of these services are free to use, while others charge a fee, but they all give a landlord more time and freedom.

Hire a Property Management Company

Perhaps the best way to become a hands-free landlord is to let someone else do the work. Property management companies handle everything from finding and vetting tenants to rent collection, property maintenance, and making necessary repairs. Some management companies will also assist landlords with acquiring new properties and preparing them for tenancy. Of course, these companies don't work for free and a landlord must weigh the costs against the benefits to them and their tenants.

Investing in income property and fulfilling the daily obligations of being a landlord aren't easy by any means. It can be a time-consuming, tiring experience and not everyone has what it takes to be a stellar landlord. That said, there are certainly ways to make it a more hands-off profession that produces income on a consistent basis. Contact us at Trust Deed Capital if you want to learn more about investing in income properties or ways to become a hands-off landlord.