Buying a Residential Property as a Rental
If you have decided you want to buy a single-family home and rent it out, then there are some things that you want to know going into this venture. You'll want to work with a real estate agent to find the right house and you'll also want to have a real estate property manager.
Find the right home to turn into a rental
The first thing to know is that working with a real estate agent is very important when looking for a home to buy as a rental. Your real estate agent will have plenty of knowledge that will be helpful and they can steer you in the right direction, so listen to them.
You'll want to go for a home that is in a family-friendly neighborhood. Many young families are renters, so you want your home to be in a neighborhood that caters to that lifestyle. However, most single people and most anyone else will also feel comfortable in a nice family neighborhood, even if they don't plan on having children. This is due to the fact the neighborhood will be safe and it will be conveniently located, which is a plus for most.
You want a home with a nearby shopping center, grocery store, school, and hospital or medical clinic. Also, if you can find a home that's fairly close to a park and has a good selection of restaurants nearby then this is great.
You may want to look for a two or three-bedroom home to buy as a rental. This is due to the fact that many people who are looking to rent a house will have a need for a two or three-bedroom home. If you find a home that needs a little work or that has a motivated seller, then you may be able to grab it up for a great price.
Realize the importance of having a property manager
Once you find the right house, then you will need to get it prepared for tenants, find tenants, and make sure the tenants have a safe and healthy home to live in by providing routine maintenance and fixing problems quickly. You will also need to collect rent and if there is a problem, then you may need to evict your tenant and begin the process over again. While this can all be overwhelming for you, it is something a property manager does daily and this is why you should use their services.
Get started by looking into residential real estate opportunities.