Property Management Tips for Buying an Investment Property
Investing in real estate is smart. Investing in the right real estate, however, is even smarter. So start with a property management mindset. From our 30 years of experience in Fort Worth, property management perspective in the buying process is crucial to determine how long your rental stays vacant as well as the quantity and quality of tenant applications you receive. In short, your decisions today determines how you will manage your property tomorrow.
Applying the property management perspective is simple to remember when compared to the nursery rhyme This Little Piggy. After all, your investment could be a perfect piggy bank for you if you purchase the right one. “This little piggy…”
“Went to Market”
Not the grocery store. Think real estate market. Not all markets are created equal – some have lower vacancy rates, higher rents, and appreciating values. Talk to an expert at Specialized for help identifying the best property choices in Fort Worth. Property managers who live and breathe this information every day are best poised to point you in the right direction.
Remember, this is someone’s future home. Is this a place where you would want to stay? More families are seeking to rent long term. So say yes to single family dwellings less than 15 years old with rent below $1700/month, 3+ bedrooms, 2+ baths, fenced yard, and a standard layout.
“Had Roast Beef”
How close is your rental property to shopping, dining, schools, and other amenities? That’s the meat of real estate location. If you’re looking to purchase in Fort Worth, property managers who have seen the effect of these dynamics on of different housing locations will be the best advisors.
No city ordinances and regulations for landlords, minimal municipal regulations, and zero HOA rules and codes would be ideal, but it’s not practical. Just be aware of these potential costs and know that they vary. Do the math – or call Specialized to do it for you – to save long term.
“Went All the Way Home”
This little pig was obviously happy to be headed home because your rental property is so nice, but how did it get there? Mother Goose never tells us. It could have been public transportation, which is on the rise. A property close to rail or bus lines is always a plus.
Specialized has been around almost as long as Mother Goose. We know the rental market like she knew nursery rhymes. Call us before you purchase. We will help you select the best piggy bank property for your buck.