Are you an investor with an interest in buying rental properties in the Birmingham, AL area? If so, then use these five tips to help increase your chances of investment success.
Tip #1: Choose the Right Location
Regardless of your investment goal, location matters. When purchasing rental properties, make sure you tailor your search to areas that are easy to market. For example, what type of reputation does the neighborhood have? What are the community resources (library, gym, pool, etc.)? What are nearby attractions? The more “good news” you can provide potential tenants, the greater your chances of getting someone in the property quickly.
Tip #2: Educate Yourself
Investing in rental properties in Birmingham, AL or beyond means that you should do your part and learn as much as you can about the property you are looking to purchase and the surrounding location in addition to successful investing strategies. The internet provides a lot of free, valuable information that can help you prepare for making smart investment decisions and avoiding common pitfalls.
Tip #3: Hire a Property Manager
Unless you are looking to make running and maintaining rental properties your full time job, you should probably hire a property manager. Although you may think that you have the time and expertise, you may quickly find out that you are not responding fast enough to your tenants or that you are overwhelmed by renting regulations or building codes. A Birmingham, AL property manager can manage the day-to-day aspects while you focus on finding more income properties.
Tip #4: Look for Discount Properties
In addition to choosing the right location, educating yourself, and hiring a property manager, it is also important that you look for discount properties. However, make sure you are getting a good deal on the property. For example, if you purchase a foreclosure home worth $100,000 for $80,000 but have to spend $30,000 in repairs and renovations before it is ready, then you may not be making a smart investment decision.
Tip #5: Get a Professional Inspection
Finally, make sure you also get a professional to thoroughly inspect the property to ensure that you know exactly what you are purchasing before you sign on the dotted line. When it comes to real estate, quality matters. You do not want to spend a significant amount of money making repairs and renovations that you were not expecting.
If you are a real estate investor that is looking for property managers in Birmingham, AL, then call on gkhouses.com today at 205.940.6363.