What Should You Do After Buying Your First Investment Property?
There’s no doubt that buying an investment property is exciting because you’re taking steps towards building wealth and monthly cash flow but the big question is once you purchase your first property what should you do after purchasing it?
Research Area Rents
The first thing to do after purchasing a rental property in the Central Valley, or elsewhere nationwide, is to research area rents to find out what you can rent your property for.
Thankfully, this can be done online, using tools like Trulia, Rent.com or Zillow. You can also research area rents by reviewing the local area newspaper online or visiting the area in person to speak with landlords and find out what their properties are renting for.
Make Repairs And Renovations
After buying your first investment property, the first thing that you should do once the excitement wears down is hire a contractor or a handyman then ask them to come out to the investment property to review the condition of the property and make recommendations for anything that needs to be repaired or renovated.
Depending upon the age of your Central Valley rental property, it may have been well-maintained in the past and only need a coat of paint but, if the previous owner did not maintain the property, you may need to make extensive renovations to the property before it’s ready to rent.
When it comes to you repairs and renovations, you should prioritize the most important things that you need to do right now in order for you to get the property in rent ready condition. You may be able to wait for another 6 months to one year on bigger projects until after your property is cash flowing.
Get The Property Professionally Cleaned
Once you have the rental property inspected by contractors and a professional handyman, the next thing that you should do is hire a professional cleaner to come in and clean the property from top to bottom.
This step is important because, if you try to rent a dirty rental property, applicants will be repulsed by the condition of the property and wonder if-if there is something wrong with It.
Market The Rental Property Online
After following steps one and two, the third thing that you need to do after purchasing a new investment property it’s to start marketing that property on the internet.
Thankfully, there area wide variety of websites for you to choose from in this day and age including sites like rent.com, apartments.com, Craigslist and also Facebook for you to Market your property.
Before listing your rental property on the internet though, make sure that you have high-quality digital photos and video taken of the property because prospective renters will first investigate the property online and you want the best possible pictures and video for them to view so that they can have confidence that it will be a property that they want to visit in person.
Contact RPM Central Valley
To learn more about the property management services we can offer you contact us today by calling (209) 572-2222 or click here to connect with us online.