Ready to buy your first rental investment? We discuss the essential steps of how to become a landlord, from choosing the location to finding the necessary assistance to buy and manage it.
Find someone to help you buy your rental property investment
You have the money to put down for rental property investment. What to do with them? The first step is to get informed about how to purchase a rental investment and to identify someone who can help you with acquiring that property. To that end, you can join your local REIA (Real Estate Investment Association) or seek the advice of a property management company that has, as is the case with HomeVault, an investment department, or employ the services of a good real estate agent located in your area. Either of these options should help you find the right person to help you buy that desired property.
Location, location, location
Given all the market fluctuations, it is more important than ever to get the location right when it comes to your next rental investment. Location is essential in determining what is a good rental property. You should start by getting the advice of someone in the industry who knows well the city and the area where you intend to invest. You can start with a basic internet search and proceed with more expert advice. You can ask the advice of experts by posting a question about the potential of that area on one of the industry forums, such as Bigger Pockets, or seek the advice of the investment specialist of a property management company. When we advise our clients where to invest we ask them to take into consideration the following factors:
We look at the public transportation system, the directions where is supposed to develop, where the new stops and stations are planned to be. Rent returns tend to be stable in commuter areas and real estate development usually follows the opening of a new station or stop.
Have a look at the demographics in the interested area. Are any jobs created in that area? What is the average age of people moving into that area? Your rental property investment should be situated in an area where new jobs are created, which will attract young people, of whom some will be interested in renting your prope