Purchasing a rental property is like going to college.
Whether or not you decide to go to college affects many aspects of your life—what kind of job you get, where you live, what kind of car you drive- it can even affect decisions about who you date (or who wants to date you!).
Just how the decision to go or not to go to college affects your future, so do the decisions you make when purchasing your first rental property. If you are not strategic in the type of property you purchase, you will be affecting the types of potential tenants that are attracted to the property, how many applications you receive, and even how long the property remains vacant.
Just like a guidance counselor in college helped you get all the classes and credits needed to graduate, your property management Fort Worth team wants to help you make smart choices in the purchasing phase so that you can “graduate” into the landlord phase. We have compiled a list of things for you to consider while in the purchasing phase.
1) Pick a major. Just like in college-you had to decide what to study before you could graduate? During the home buying phase, you need to decide the ‘major’ type of tenant you want to attract to your property. Are you looking for college kids to rent out your home for a short time while they are at school? Or do you want to lean toward families? Or maybe single parents? The list goes on, but you need to consider what type of renter you are attracting to your property, and think what they would like.
2) Study time. Take the time to study the area. Consider things like location, neighborhood surroundings, schools, parks, and amenities near by. Find out if the property you are considering is managed by an HOA and what their codes are. Consider the city ordinances for violations and what costs may come with them.
3) Finals time. Finally, take time to go through the property as a prospective tenant. Consider things like if the home is off main streets, have a standard layout, comes with appliances, has a fenced yard, etc. These are all decisions that will affect your ‘major.’
4) Graduation. Congratulations! You have found the home that will be your perfect rental property. Now you are ready to graduate to being a landlord. That was a lot easier than college, wasn’t it?
Your property management Fort Worth team will be there every step of the way to answer any questions you may have. We look forward to working with you! For more information on services we provide, please visit our “landlord help” section on our website.