Real estate is a great way to buy your own home residence or to buy a property you intend to turn into a rental to provide cash flow. A rental property can bring you passive cash flow and grow in value for increased equity over time, but it also takes some work on your end to make it all possible and be a successful rental property. Here are some tips to help you get started as a landlord and real estate investor.
Calculate Market Rent
As you are shopping for a property to buy, you will need to do some research and work to make sure you buy a single-family home that you can rent out for a profit. And to do this you need to have a good idea what the rental costs are in the area. Every area can have a different rental rate from state to state, city to city, and even neighborhood to neighborhood. One single-family home in one neighborhood might be able to collect a larger amount of rent than in another neighborhood across town or down the street.
As you search for a home to purchase, talk with your real estate agent about this concern, and they can help you research the different areas you are shopping in for a rental. They can provide insight about finding accurate rent rates and may have their own knowledge they can provide you based on their own experience if they are a real estate investor and property owner. In fact, if you have not selected a real estate agent yet to help you buy a rental property, look for one that has property rental experience and owns their own rental properties.
Take Care of Your Property With Pest Control
Every family has a different opinion of cleanliness and your tenants' may not always match yours. House cleaning may or may not occur on a regular basis in your rental property, which can allow crumbs and debris to collect and lead to mice, ants, and cockroaches to invade the property. So, it can be helpful to arrange to have regular pest control service for your tenant within your rental property.
Be sure you let your tenant know you will hire a monthly or quarterly professional pest control service for the property, which is an added perk to renting from you. While you provide pest control for the property, it will also give you a chance to check in on the property to make sure there are no lease violations or serious damage.
To get help looking for single-family homes, contact a real estate agent near you.