So, you've just acquired your first investment property. What do you do next? If you're a new landlord, you may wonder what steps to take.
Read on to learn more about what you can and should do as a real estate investor.
Decide Whether to Sell or Rent
After you purchase your property, you should think about whether you want to sell it or rent it out. Each option has its pros and cons.
For instance, you can fix it up and sell it if you need quick cash. House flipping is a popular way to increase the value of a home and get it back on the market in a short time.
For a longer-term investment, renting may be the better choice. You can bring in rental income every month to help pay the mortgage and decide if you want to sell later on.
Work With a Property Management Company
A property management company can take the burden off of your shoulders if you decide to become a landlord. They can handle everything from tenant screening to property maintenance tasks.
Property managers can also help if you want to expand your rental portfolio. They often know the local real estate market. They can help you make smart investment decisions so you don't waste your money.
Conduct Tenant Screening
You need to make sure your investment property doesn't suffer from damage or loss of rental income. The best way to do this is through tenant screening.
When people apply to your rental, you can screen them and weed out people you don't want as tenants. You can sort by criminal records, low credit scores, or eviction records.
If you work with a property management company, they can often take care of the tenant screening process on your behalf. Rest assured, you'll have reliable tenants who will take good care of the property.
Stay on Top of Maintenance
You don't want to let your property maintenance slide when you own a rental property. Depending on the lease agreement, your tenants may be responsible for some of the maintenance, such as general upkeep.
However, when issues like plumbing, electricity, or roofing come into play, it's best to get it fixed as soon as possible. These problems can start small but compound into large, costly repairs.
Expand Your Investment Portfolio
If you can build equity in your first investment property, you have a way to acquire even more. Real estate tends to appreciate, making it a safer investment if you can afford it.
A property management company can help you determine when to buy more properties. They will also manage all of the needs of your growing real estate empire.
Become a Real Estate Investor in Waterbury, CT
Are you interested in becoming a real estate investor in any region of America? With these tips from property marketing to tenant screening, you can successfully manage your property portfolio.
Ready to get started? Axela Management is the partner you need for all of your property management responsibilities.
Contact us today to learn more.
