Posted by By Paul Branton, Director of Investor Services for Home Rental Services
Did you know that we not only lease and manage rental properties, but we also help guide you in the process of selecting your next investment? This is a “win-win” proposition, as we want to direct you towards an investment that will be an attractive, lower maintenance property. A property that performs well for you for the long run!
In the due diligence phase, we consider a vast number of things. Here are just a few:
- Has this been a rental property before?
- Does this neighborhood/HOA allow rentals?
- Will this property bring in a reasonable market rental rate?
- What scope of work needs to be done to get the property to market rate?
- Are there factors that may increase vacancy with this property?
- Does this property have a desirable floorplan?
- Is there additional “overhead” to be aware of with this property?
(Extra Appliances, Multiple HVACs, Numerous Trees, Septic vs Sewer, Decks, Drainage issues, Large yards etc.)
All too often, we see folks come to us who have already bought a property. Unfortunately, we likely wouldn’t have recommended the property for one reason or another. One property that I will never forget that a client almost purchased (but fortunately was able to get out of the deal) had this for the driveway:
Can you imagine how many times that would have been a problem?!?!
In reality, the due diligence aspect of acquiring a long term investment property is just as important as the day to day management. It’s for that reason we offer this “Investor Service” to all of our clients. We want to be a part of helping you in your real estate success, right from the start!
No matter if it’s your fifth or your first investment purchase, give us a shout and we will talk about how we can help you!
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