Build Your Portfolio, Worry-Free!
You purchase the investment property, Ann Milton manages it. It’s as straightforward as a real estate deal could get. With an investment property, you can build on a versatile real estate portfolio and enjoy receiving monthly passive income. Utilize Ann Milton’s property management services to keep your investment secure and maximize your returns without micromanaging every aspect of your new purchase. Want to know more about finding the right property and what Ann Milton can do to fulfill your property management needs? Contact us today for more information and a comprehensive plan.
Find Properties For Sale in The Triangle
Tips on Investment Properties & Property Managers
Finding and buying the right investment property can be a difficult task, but that’s not where the complications end. You then have to find a property manager you can trust to oversee your new purchase. To help you along in this process, we’ve put together six tips you’ll want to keep in mind.
Understand How Financing Works
Everything is bigger with investment properties, so expect to need more money for a down payment and prepare for higher interest rates. You’ll also need to be mindful of stricter requirements to secure financing, including higher credit scores, more documentation, and a reserve of mortgage payments.
Consider Alternative Methods
Worried you can’t secure traditional financing? There are several ways to make financing your investment property feasible. You can partner with another investor or, if you’re buying a multi-unit rental, live in one unit and rent out the rest. Always keep your eyes peeled to lower your upfront cash requirement and reduce your mortgage.
Analyze the Market Carefully
You may find what looks like the perfect investment property but is the potential for return in that area high enough? Are prices projected to drop in that neighborhood? Are rentals successful in that area? Be sure to ask and find answers to as many questions as possible when it comes to the market you’re looking in.
Ask for Referrals
Hiring a property manager? Always ask for referrals. You can also ask other investors in the area if they’ve worked with your intended property manager. Don’t move ahead until you’re 100% confident that they have the skills and experience needed to keep your property safe, secure, and full of tenants.
Visit the Property
The best way to determine if a property manager is good at their job is to visit the properties they manage. Look for general cleanliness and whether the property is well-maintained. Signs of neglect are a very significant red flag, so watch for issues like mold, water damage, dry rot, and other physical defects.
Compare Pricing
Just like with your hunt for an investment property, when choosing a property manager, do a price comparison. Look at what each property manager offers and compare it to their rate. Also, consider how they’ll be paid. Is it a flat fee or a percentage of the rent? Do they charge more for evictions and tenant placement? These are all questions you need to be answered.
Maximize Your Monthly Rental Income
Get an estimate of how much your investment property may rent for based on an analysis of the local market. This estimate will help you set a reasonable and fair price that still ensures a monthly return on investment.
Get the Most for Your Property
Set Fair and Accurate Pricing
Choose the Right Property Management Company
Let Ann Manage Your Investment Property
Ann Milton’s extensive experience in investment properties in Lillington, Fuquay, and the surrounding area has made her a trusted source among property owners. Ann approaches every scenario with unique business strategies and a dedication to success, whether it’s closing a deal or managing a property. Ann can help locate your next investment property, and provide any needed property management services. Contact her today to learn more about how Ann can help maximize your investment.