Rental Property

things to keep in mind while building rental property

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When we started renting our first property, we had no clue.

Ours is a student rental area. Which means more rent, more maintenance, and fewer headaches.

After renting our property for 3 years, we understood what could have been done better and what could have been avoided.

No one guided us that before.

Even a small small things matter for a better experience.

All the lessons I learned from my experience and observation.

Rental property shouldn’t be treated as owner property in all the terms. This property requires maintenance work every time a tenant vacates the property.

Once any tenant vacates the property (which happens often), a lot of cleaning and repainting work will be involved. So it’s your job to make sure you make that task easier.

How do you do that?

That’s something I share inside my Rental Property Guide.

When building your rental property, always keep one thing in mind.

“How can I make my maintenance job easier?“

If you keep that thing in mind and build your property, it will help a lot in the rest of your rental property journey.

You can get it here if you want to learn from my experience managing 32-door rental units.

What I Noticed About Lodges That Can Help Your Rental Units

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Our family attended a relative marriage function in Hassan for the last two days.

Function finished successfully.

I guess this is probably one of the grandest weddings I have attended… It came out that good.

I felt they overspent little for this marriage.

My thought process never allows me to overspend that much for functions.

It’s just my opinion.

Our relative booked a lodge for our stay.

As soon as I start working on this house’s construction-related content, I usually pay attention to any type of construction-related activity.

Similarly, I have been paying much attention to Lodges as well.

I noticed that lodges have different setups from any typical house or rental property.

From power supply to water supply, light setup, hot water supply, lock system, bed setup, toilet setup, etc., all have completely different setups compared to normal houses.

Why do they do such things?

To improve operational efficiency and save cost.

This is the same for all the lodges that I have visited recently.

Why am I sharing this? The reason is…

If you plan to include a rental unit in your construction, there are a few things you should keep in mind at the time of construction.

These rental property tips will help you to maximize operational efficiency, rent faster, and save money.

This is some knowledge that I gained after managing our own rental units.

I will be sharing all those tips and lessons in my upcoming guide, Rental Property Guide.

Now the guide is almost ready. It will soon be added to the member’s area.

A Small changes in the setup could save money on the maintenance of the property.

Arun

Repainting work going on in rental property

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Today, I was handling one of our rental property repainting tasks.

Feeling a little tired going and coming from the 3rd floor to the 1st floor. Luckily, I got a good painter who handled all the tasks from cleaning to painting.

All we need to do is show the work, bring the painting materials and remember if he missing some task. Thats all.

He handles the rest of the work.

Anytime repainting work comes, I check if any small pending work is left during construction time and execute such work now.

When you’re doing construction, it’s really difficult to notice small things. Because you’re quite busy with a lot of work already…

You should also be thinking about finishing as soon as possible. So, any small stuff goes unnoticed.

That’s why when repair tasks come in rental property, I check small things I couldn’t give attention to during construction and ask my painter to fix such issues.

When verifying such small attention to detail, I noticed Our Painting Contractors didn’t paint any outside window grill.

Which we cannot easily identify…

I need to put my mobile or any mirror outside the window to see if the outside window grill painting is done.

I didn’t notice that at construction time. Now I see that.

It’s difficult to paint the outside grill without a painter’s rope. But still, I asked my painter to do that painting from inside the house as much as possible.

No matter what, some mistakes always happen.

Another issue I’m actively watching in all my rental property is shared inside my Electrical Work Guide at 5.63.

I also got that issue in this unit as well. Once my brother comes, we will go and fix that issue.

It’s an important thing many electricians don’t care… but you have to.

I have a few things to share about rental property construction. I will write a guide (paid) once I’m in the mood.

Arun

Think rental income before planning

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One thing that I like apart from my online business is collecting rent.

Although it comes with its own risk. But if you ask me, the reward always overtakes the risk in the rental business.

Every month, by the 10th, all rent is automatically deposited in my bank account without fail.

People who fail to send rent are charged extra for late payment. So again, there will be a reward for that.

I still remember when we first rented our property, which was around 5500rs.

Now we collect rent up to ₹8500 based on how many persons (students) stay (not PG).

Rent actively rises every year. Ours is the student market. That, too, out-of-state students studying in college means you can expect good rent.

So it’s really a good income you can depend on.

If your site is also located in such an area, do think about rental property and its income.

It’s really a good source to depend on.

If you are tight on budget, just inform the engineer in future you will build another 2 or 3 floors and ask him to give a plan accordingly.

Once you get the budget, you can reconstruct & add more floors on the same building.

That’s what we did in our first building. First, we built the ground and first floor. After seeing rental returns, we added the 2nd and 3rd floors again.

We are able to add more floors because we planned for the G+3 floor at the time of planning itself.

If you are good at marketing & technology, you can also reduce the vacancy period.

That means more ₹₹₹₹.

I follow my own system to keep my rental units full always. I will share all my experiments and learning at IndianLandlord.com.

I’m not very active there yet.

I will soon when I have something to share.

If you plan to start or already have rental properties in India, join me at IndianLandlord.com to receive landlording tips.

Arun

rent not getting paid for 6 months+

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Today my mom brother came to our house. While discussing, I generally speak about business stuff more…

While speaking with them, I asked how their rental property was doing. 

They shared that our saree weaving business is down, so our tenants staying at our rental property are not paying rent.

Most of their tenants are labourers of saree weaving, and when saree is not in demand, owners also stop power looms. So, labourers don’t have work, and they don’t get paid.

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