How Do I Select A Great Rental Investment Property?
Before putting money down on that dilapidated, run-down townhome for sale in that bad neighborhood, take the time to think about the long-term effects of your decision. The location and condition of your rental property are just some things you need to consider before making a smart investment choice. Think about these tips from Specialized RPM, the leading property management company. Dallas rental property owners trust our experienced and knowledgeable professionals to help them pick a competitive rental property that will minimize their headaches and maximize their profit. Here are some things to consider when selecting a valuable rental property:
- Where is it situated?
Look for a property in a neighborhood with lower vacancies, higher rents, and where the value of the homes are appreciating. You don’t want to be lowering the rent each year trying to attract tenants. You want a property where you can raise the rent annually. Pick a property located close to shopping malls, grocery stores, gas stations, restaurants, and public transportation. Choose a rental property that is not too far from a freeway or a major road so that tenants will have an easy commute to work.
- How good are the schools?
If you’re renting out a single-family residence, then there’s a high chance you’ll get tenants that have a few kids. Take a suggestion from the leading Dallas property management company and research the public school system in the area. Schools that rank high on test scores and have a great reputation are a win-win.
- What are the municipal regulations?
The regulations and ordinances for landlords differ from city to city. In some areas, you can be fined for violating ordinances. Other communities are more laid-back. Take the time to find out the regulations required, so you don’t lose money.
- Does the neighborhood have an HOA?
HomeOwner’s Associations can be a great thing as often they are in charge of keeping the neighborhood clean and attractive to residents. However, if you aren’t familiar with the codes and rules for your HOA, you could lose time and money by violating them.
When selecting your rental property, don’t trust just any property management company. Dallas landlords see more success by considering the above options. At Specialized RPM, we are the expert local Dallas property management company that can help you make a smart investment. Contact us today to find out more.