This past week I sold a couple their first investment property. They were so excited and I was excited for them! Like your personal home, there are a lot of decisions to make when buying an investment property. And just like when you are buying your personal home, it is part exhilarating and part scary. But the decisions look a lot different and a lot of them occur after you buy the house.
This week, I am making a list of some of those decisions that you will make both before and after you close on your rental property.
* Location (close to where you live for convenience or no preference?)
* Fixer upper or move in ready?
* Single family or multi-family?
* Manage your property or hire a management company?
* Cash or loan?
* How/where will you advertise the property for rent?
* Month to month or year lease?
* Utilities included and paid by you or paid by the tenant?
* Pets or no pets?
* Smoking or no smoking?
* Do you take care of the lawn or does the tenant?
And there are more. Buying a rental property is exciting and is a way to diversify your portfolio. But it isn’t for everyone. This list might get you thinking about things that you hadn’t thought about before but it is in no way a complete list. As in most things in life, the best way to make a decision is to seek counsel from someone who has “been there, done that.”
I love helping people in all areas of real estate, including investment properties. So if you are looking to start your real estate rental portfolio or add to what you have, give our office a call. We’d be happy to help! Merry Christmas to all of you!
Esta Ryder, Broker/Owner
Ryder Realty, LLC