A triple net lease that is also commonly known by a lot of people as an NNN lease is somehow different from a traditional lease. With this type of lease, the renter is accountable for paying the property taxes, the maintenance of the property as well as the insurance in addition to the rent. This might sound as if there are a lot of expenses but there are a lot of benefits when using the triple net lease to both tenants and landlords. Discussed below are the important benefits of using the triple nets lease. Visit www.triplenetgateway.com for more information
Property control
NNN lease tenants have a lot more control of the property that they live in. for instance, the tenant might notice a leakage in the bathroom water pipe or the electricity might develop sometimes, if such a thing happens or anything else that requires repair, the tenant does not necessarily have to contact the landlord to call the professionals to fix the problem, they can take the responsibilities as well. The tenant has the authority to hire anyone they feel or want is fit to do the repair different systems and appliances in the house that they live. This will definitely make the tenant feel like a real owner of the home instead of just a traditional tenant. Check out triple net lease for more information.
Lower rent
One of the most important advantages of NNN lease is lower-than-market rent. This is because the tenants are responsible for paying the property taxes, cover and the maintenance of the structure; they get charged lower rent in return.
Minimal management
This is for the landlords. Those who own a single tenant property with a triple net lease can really enjoy the luxury of minimal management. With the tenant taking the responsibilities of paying the property taxes, maintenance, and insurance, there is not much left for the landlords to take care of. What will be the main tasks of the landlord are just bookkeeping, tax returns and making decisions on when to refinance the property. This is especially beneficial for landlords with full-time jobs because the stress of typical maintenance duties is alleviated.
Stable cash flow
Another attractive quality of investing in property with an NNN lease is stable cash flow. The leases of the house are entitled to take a longer span of time. This is good news for the tenants because they are guaranteed a positive cash flow for quite a while. Landlords do not have to worry about looking for new tenants every now and then and having their buildings vacant for some time. Check out https://en.wikipedihttps://en.wikipedia.org/wiki/Net_leasea.org/wiki/Net_lease for other references.