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Why Do You Own Multiple Residential Properties?

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Do you own multiple residential properties? Do you already rent them out to other people or are you thinking about turning them into rental properties? As you're no doubt already aware, renting out properties that you own can be a good source of income and a way to build up your net worth. As a result, you may think that managing the property or properties yourself will make the most sense financially. But this may not actually be true. Here are some reasons why you should hire a company to take care of your properties for you:

Tenant screening: Screening out potentially troublesome tenants can be tricky. Legally, you're not allowed to discriminate against a person because of things like age, ethnicity, religion and more. If you're investigating people on your own, you could inadvertently make it seem like you're discriminating against one of these protected legal states. If you tell prospective tenants that you don't rent to young college students, for example, you could be opening yourself up to potential lawsuits. But a professional property management company will know what to look for to estimate whether a particular tenant will cause problems or not. With the tools they have at their disposal, they will
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If an emergency arises on one of your rental properties that you're legally obligated to fix, you could then find yourself short on cash. You may set aside some money for potential repairs, only to find yourself tapping into it when your personal vehicle breaks down or you otherwise need money. But if you use a professional property management company, you can request that they withhold a portion of the rent money and put it towards a repair fund. Since you are unable to access this money, you can't spend it. As a result, it'll still be available for any repairs that any rental property of yours might
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