Adding a rental property to your portfolio can be a stable income decision with decent returns. You need to consider your goals for your property and make wise decisions to avoid costly mistakes and create a circumstance that fits your needs just like you would with any investment. If you are interested in investment property and property management, Dallas and its surrounding areas are a good place to start your rental portfolio.
Texas is a Great Place to Invest
When the housing market crashed, some states were hit much harder than others. Texas felt the economic crash like the rest of the country, but just not as bad. And the recovery in Texas has been faster. New jobs and commercial growth are excellent in the Lone Star State. Businesses and people continue to choose to move to Texas. Housing prices are going up, but still are lower than other places around the country. So, you have a large pool of potential tenants waiting to look for comfortable, affordable housing, and you have the property that fit your portfolio ready for your investment. Consider your investment goals, then start looking for the right opportunity.
What to Consider in a Rental Home
Real estate gurus always talk about location, location, location. Location is certainly important, but with rental property, you have other factors that add to the success of your investment venture. Be sure you look at multiple aspects of rental property before you make your final purchasing decision. Consider:
- Age of the home— Newer homes lease faster. Homes 10 years and newer are your best investment choices.
- Property size— Tenants appreciate adequate storage space a more traditional floor plan. A rental home doesn’t need to be a mansion, but having enough bedrooms and bathrooms will make a difference in your leasing process. 2,000 sq. ft. is a manageable size that remains cost effective for the investor.
- Possible rent rate— Even the nicest property in a not so safe neighborhood won’t support a higher rent. Choose the location and the quality of the property together that will then support the rent you desire to ask.
For Property Managers, Plano is the Place
Plano is the ninth largest community in Texas. It is an ethnically-diverse area with a professional and educated population. With consistent demand for housing in Plano, investors will find the opportunity to lease their property to quality tenants. Properties in the area hold their value and make a great addition to property investment portfolios.
Specialize Specialized offers the most comprehensive property management services in the Dallas area. An investor can trust that their property is well taken care of by expert property managers. Plano is just one of many places in the Dallas-Fort Worth area where we have local experience to help you find your investing success. Put our team to work for you today. www.specializedrpm.com