Now that you’ve made the decision to delve into the residential rental market, it’s time to start looking for the perfect house to get your business off the ground. There are a few things you should know before you start your search. The most significant part of being a successful landlordis finding the right house. It’s not as easy as buying the first one you come across; a little knowledge can go a long way towards helping you make the right.
Check Out the Neighborhood
One of the things renters tend to look at first in their search is the neighborhood. Invest a little time carefully researching the community and surrounding areas. Choosing the right neighborhood can be the difference between a rental unit that remains occupied and one that spends months vacant.
The Condition of the Property
Now that you have found the right neighborhood, it’s time for you to investigate the property itself. It needs to be in good shape, meaning no significant damage or issues such as damp, a leaking roof, etc. A few small repairs you can handle or farm out are okay; they are a small investment in your future income. The same applies to redecorating, providing the price tag won’t be insane; you should be prepared to do things like painting, replacing carpets, cleaning, and so forth.
The Local Area
Renters with and without families look for different amenities as they search for the right home. Along with a house that is in good condition and in the right location, renters look for things like schools, shopping, and restaurants among many other things. The more of these amenities the property has nearby, the better your chances are of finding tenants who will not only want to sign a lease but who are also likely to extend their stay past the end of their original lease.
An Up and Coming Neighborhood
If you can, find a property in an area that is still undergoing development. These areas tend to bring in more amenities and attract those who are looking for areas that are likely to grow around them. Typically, these areas have the best and latest amenities such as gyms, pools, theaters, and so forth, making them very attractive, especially to the millennial crowd who want the most for their money.
You Have a Great Property Management Team Available
Lastly, you have found the perfect property management team to handle your rentals. While you don’t have to use a property manager, having one on hand to help you manage each property you invest in will give you more time to spend looking for your next purchase. The property management team will handle the day to day tasks of keeping your tenants happy. This gives you more free time to enjoy the many benefits of being a rental property owner, while at the same time help you to grow your business and achieve your goals.