By Vestpro Residential Services
Are you planning on buying your first rental property? If so, you’re not alone. Now is a great time to buy a rental property because mortgage interest rates are still low and demand for rentals remains high especially in cities like Houston.
In this article, we will share with you several tips you can use to successfully purchase your first rental property.
Determine the Specifics of The Rental You Are Searching For
Before choosing a rental property it’s important to first determine the specific of what you’re searching for in a rental property including the location that you want to own a rental, because in most cities rental properties that are located close to downtown or close to colleges will rent for more money than rentals in suburban areas.
Set Your Budget
Since prices for Real Estate in many cities have reached all-time highs you should set your budget before you start searching for rentals because in this real estate climate it’s very easy for any buyer or first-time investor to overspend.
Create A List of Properties to View in Your Target Areas
Once you know the specifics of the property you’re searching for, and you’ve set your budget, you should next create a list of properties that match your criteria because this will help you to simplify your search especially when you use online tools to find suitable rental properties.
Some criteria that you should consider applying to your search for rental properties include:
- Bedrooms – The single-family home, condo or duplex should have at least 3 bedrooms.
- Bathrooms – 2 bathrooms are recommended.
- Square Feet – Home should have no less than 1,200 square feet.
- Age – The property shouldn’t be older than 60 years old since renovation or demo may be required due to removing things like radon and asbestos from the home
- Rent – Property should rent for a minimum of $1,200 per month
- Garage – 1-car garage is preferred
Save Time and Money with Experienced Property Management
Once you find the right rental property don’t attempt to manage it yourself, save the time, money and hassle of managing rental properties by hiring our experienced and professional property management team.
Contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online.