Making the decision to purchase a rental property can be exciting and nerve wrecking. It’s very important to be aware of all the details. No need to worry, PMI Georgia is here to help you! Below is a list of items to familiar yourself with before purchasing a rental property.
A rental property can create great passive income for now and years to come. The best way to do this is to hire a property management company. It’s well worth the cost. Let a property management company handle everything so you can save on time and possible future costs. Click HERE to see what PMI Georgia will provide for you as your professional property management company!
Condition of the home. Make sure you check on all the details. Get a thorough inspection completed, get estimates on possible repairs, and get the home rent ready. PMI Georgia can help walk you through it. Click HERE to read a great article of what to look for when checking out a home’s condition.
Consider the income potential of the property. Location plays a big role in income potential, but not just geographic location although taxes do play a big factor. Consider things like proximity to schools, shopping, eateries, hospitals, parks etc. Niche.com is a great website that provides detailed information on all these details and much more!
Who is your ideal tenant? Think about what type of tenant you want for your home. We at PMI Georgia have a thorough and professional application process. We do the research and handle the details for you. Finding the ideal tenant for you is high priority for us.
Personal financial stability to handle ups and downs of investing. Life happens - even the very best tenant can hit a bump in the road and quickly become a non-paying tenant. Will you be able to make your mortgage payment (if there is one) with a non-paying tenant or vacancy. Repairs happen – a 20-year-old HVAC system is going to need to be replaced, roofs leak, septic systems must be pumped, etc. Can you handle these issues without it being a major strain on your personal finances? Tenants happen – the hard truth is that sometimes tenants do not care for a rental home in the same way as homeowners do. At turnover time, there will be expenses to get the unit rent ready again, paint, flooring, wear, and tear will all need to be addressed. Being prepared for and expecting these possibilities will cause you much less stress than the real estate investor who is expecting the rent to pay ALL the expenses of the rental property. This rarely happens, but remember you are building long term equity in a real asset
PMI Georgia hopes these tips were helpful for when you consider purchasing a rental property. Partnering with an experienced property management company that knows the market you are investing in is important. The amount you pay a property manager is nothing compared to the thousands of dollars you could lose trying to manage it yourself. Remember, you are a real estate investor; your time is worth more creating more investments. Let PMI Georgia manage the day-to-day aspects of the property. You won’t regret it!
Give us a call today @ 678-782-1004.
You can also visit PMI Georgia’s Website!