You made the decision to buy an investment property. There are a few things you should be focusing on as a buyer and investment property owner. Here are a few of them.
Look for a property with good systems such as a/c and heating,etc.
First, unless you are planning on putting a lot of money into rehabbing a property then renting it, look for a property that is in good shape. You may pay more for it, but you will pay less in the long run.
Don’t worry about paint colors and such. That can be easily and cheaply remedied. Look more for a property with solid systems: heating, air conditioning, electrical and plumbing.
Next, look at the area where the property is located. Is it city? Suburban? Industrial? Commercial? Is it high crime?
Where it’s located will make a difference in the desirability of the property and amount of rent charged. Just like location makes a difference in selling a property, it makes a difference in renting it as well. Proximity to shopping, entertainment, good schools, it all makes a difference.
Look at properties as if you were the renter you want.
Lastly, make sure you hire a great property management company. This will simplify your life. A property management company will collect monthly rents for you, maintain the property, respond to emergencies that tenants may have and, if necessary, handle any evictions that may be necessary. This is just as important as the items above.
Your tenants deserve a responsive landlord, or in this case, landlord’s agent, and a well maintained property. You deserve timely rent collection and a property in a condition that will improve it’s value.