If you are looking to increase your investment portfolio, adding a few rental properties can be great for you. You will be able to follow the tips below in order to get started buying your first rental property, while also making sure that your tenants are well cared for. This will allow you to bring in plenty of income regularly and will grow your assets by leaps and bounds. With this in mind, follow these words of advice below.
Put your best foot forward when purchasing the rental property
Perhaps the hardest part of the process of renting out a property is actually making the home purchase. The first thing you need to do is get your credit in order, so that you are able to get the best rates on a mortgage note. This way, you will be able to pay lower costs, which means you will increase your profits. It is also very important that you get rid of as much debt as possible, since a real estate property has a number of expenditures. Whenever possible, put together 20% of the total home cost for a down payment, so that you are able to put your best foot forward.
Retain the services of a handyman
The worst thing you would ever want is for your tenants to be left out in the cold is anything in their home breaks. Give yourself the opportunity to work with a highly credible handyman that you can use to fix these issues very quickly. On average, you can expect to pay a handyman between $60 per hour and $65 per hour. Make sure to research the credibility of these handymen and ensure that they have valid licenses. This way, you will be able to put faith and trust in their craftsmanship when working on your property.
Hire help for property management
Property managers can be a godsend when it comes to renting a residential property. The reason for this is that they do the hard work for you, so you can simply taking a check every month. In most situations, property management companies will take upwards of 12% of the monthly rent as their payment. This is well worth the cost and will let you have peace of mind on a monthly basis, knowing that your tenants are in good hands.
Follow these tips in order to get the most out of your property rental.Share