There is a lot to consider when you’re investing in rental property. Today, we are sharing 5 words of wisdom for real estate investors.
1: Location
The property you’re looking to purchase needs to be in a good area. Look for activities and amenities, and check the crime statistics in the neighborhood. Make sure there are good schools, because tenants who have children will be looking at those statistics too.
2: Maintenance
As you’re looking for properties, you need to determine whether they have deferred maintenance, and if that has been factored into the purchase price. You’ll need to know what you plan to do for day to day repair needs. If something breaks, will you have vendors lined up, or are you hiring a property manager to take care of these things for you?
3: Communication
Align yourself with a property manager who takes pride in communication. Online software can be a great tool for efficient and clear communication. You’ll be able to see your financial reports, review your inspection reports, and see what type of walk throughs have been completed at the property. You will be able to see when and how rent was collected and keep up with other issues that may arise.
4: Growing Your Portfolio
Growth is the key to a good investment portfolio. It’s hard to grow your portfolio if you’re busy managing the day to day activity at your rental property. Give it over to a property manager, and focus your time on finding properties, looking at areas, and analyzing financials. That’s what you need to grow your portfolio.
5: Westminster Property Management Maryland
When considering property management in Westminster, look for someone who is licensed and affiliated with the National Association of ResidentialProperty Managers (NARPM). You need someone who is up to date on laws and regulations. Ask about their policy on pets and HUD tenants, and make sure it aligns with your own policies.
