Today we are talking about how to become a better investor in rental property here in Tempe. We have a few words of wisdom for real estate investors.
You always want to consider the location of your rental property. If you are planning to acquire and rent out single family homes, access to schools is important. Families with children in schools are less likely to move around. You also want your property to be close to recreational opportunities, including parks and hiking trails as well as entertainment and the freeway. These are important considerations.
When you purchase an investment property, you will be required to make upgrades so it’s ready for the tenant to move in. Do not skimp on these upgrades. You want to be smart and watch your spending, but don’t cut corners. The home must be properly repaired, it has to show well and clean. These things will have a positive impact on the quality of tenants you attract. Good quality tenants do not occupy poor quality properties.
Hire a professional property management company to manage tenant communication. Do not become friendly with your tenants because if this happens, they won’t perform as you expect them to. Have confidence in your management company to handle everything with your tenant.
Grow your Portfolio
Start growing your investment portfolio as early as possible to get a positive return on your investments. When you grow your portfolio early, you can pay off your properties before your retirement and guarantee good income.
Choosing a Property Management Company
Do your research when you’re selecting a property management company, and check for references. Not all property management companies are the same. The Department of Real Estate holds all brokers in Arizona to the same standards. However, some property managers are members of the National Association of Residential Property Managers (NARPM), which places an additional professionalism on property managers. Select the right company because they can help you find the right place to grow your portfolio.
If you have any questions about how to be a better investor, please don’t hesitate to contact us at Crest Premier Properties.
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