Finding a Property
Finding the right property for you is the first step in the process of purchasing a rental for investment reasons. The property needs to be right for you. Is it in your price range? Is it in a good location? Are you close enough to maintain it or could you hire someone to maintain it? These are all questions that you should ask yourself to narrow down your search. Once you answer these for yourself you will have a better idea of what you want and can contact a realtor to help you.
Financing
This is the biggest part of buying an investment property. You must make sure that you not only have the finances to purchase the home, but that you also can afford to do any cosmetic changes to increase value, and that you have money/a plan to market your home. Along with buying an investment property comes the closing cost. These costs are typically more expensive since you aren’t going to live in the house yourself. You will also have to factor in that you will need to purchase special insurance for renting your home out. There are many different ways to purchase a home. Cash, mortgage, FHA Loans, Portfolio Lenders, and 203k Loans. You need to take all of these into account and find which would work best for your situation.
Assessing the Value
To assess the value of your home you will need a professional’s help, but before you purchase a property you should look up the value of homes near yours. At Real Property management we can help you with this. We can send a team member out and assess the properties rentability. Research is key when it comes to buying property. Get as much data about the location that you want to purchase your rental property in.
The Tenants
Tenants are the last step to buying an investment property. Luckily here in The New River Valley it isn’t always difficult to find tenants due to the fact that we are home to Virginia Tech and Radford University. Most students actively look for a property to rent during the school year. This can be good or bad as an owner of an investment property. Yes, you can find someone to rent. But, do you want students in your house? Can you trust that they would take care of your belongings? That’s where we come in. Real Property management will manage your estate and make sure that rent is paid, and your home is secure.
If our services could be at use for you and your property contact us today at
540-998-6917!