Should I Rent an Apartment or House Next?
September 12, 2023
Why Real Estate Is Not a Get-Rich-Quick Scheme, and What It Actually Takes To Own a Rental Property
September 26, 2023
Are you ready to dive in and begin your adventure as a rental property investor and landlord? Before you even begin marketing yourself to attract potential tenants, you have to select a rental property. Finding and purchasing that first property can be a little intimidating, and many people don’t realize how much effort goes into the process.
Fortunately, Talley Properties has your back. We’re here with 5 tips when it comes to buying a rental property. Read on to educate yourself on some of the industry’s best practices that will help you get ahead of the curve.
1. Invest in a Real Estate Agent
Rental properties can be difficult to find, and the ones worth buying typically carry a premium price tag. Realtors have access to a network of resources that will make finding properties much easier. Not only that, but they may be able to negotiate the price and get you a deal.
2. Ready Your Finances & Assets
Buying rental property is a pretty significant financial investment. It’s recommended that you have all of your assets in order before house-hunting. Getting pre-approved will ensure that you can strike quickly when the perfect property becomes available on the market.
3. Choose a Location
When searching for a property, it’s important to focus in on a particular area. Location is everything when it comes to real estate. Ideally, you should be looking for property in a good part of town that is relatively close to places that a tenant will find useful: work, school, church, grocery store, etc.
4. Inspect for Maintenance & Repairs
Before pulling the trigger on a property, always have it inspected. See if there’s any damage. Assess the cost of maintenance and repairs. While the property itself may have a decent asking price, it’s these hidden costs that tend to add up if you’re not careful.
5. Consider Landlord Insurance
Another cost to consider when buying a rental property is landlord insurance. In short, this will provide personal liability coverage if a tenant were to get injured on your property. Not only that, but it protects your investment from damage sustained by tenants living on the premises.
Bonus: Hire a Property Manager!
When purchasing an investment rental property, you have to consider who will keep it running. Maybe you have plans to do it yourself, or maybe you’d like someone else to do the heavy lifting. Talley Properties is one of the best property managers in Charlotte, with over 40 years of experience. Get in touch with us today to learn more about how we can help you keep your investment operating smoothly!