Top Tips for Buying Investment Property
1. Buy in an area you know. Several times this year I’ve gotten calls from out of state investors who bought property without ever seeing it and then were having issues.
2. Buy in an area that’s convenient to your own home if you plan to manage it yourself. Doing maintenance and repairs on homes that are far away can be difficult.
3. Buy in an area that has public transportation. It opens open your pool of potential renters to those that rely on public transportation.
4. Check out the neighborhood as if you were going to live there. Drive through and see if the neighborhood is well maintained. If not, tenants may not want to live there.
5. Buy in an area that is convenient for shopping and amenities. Tenants look for those things too.
6. Buy in an area with decent schools.
7. Know the realistic market rent. Check out sites like Craigslist.com under Housing Wanted to see what people are willing to pay for rent in that area.
8. Be prepared for surprise expenses, like the furnace breaking down or plumbing issues.
9. Be prepared for expenses that shouldn’t be a surprise, like vacancies, taxes and insurance.
10. Have a home inspection done. Then repair anything that comes up before the tenants move in. It will save a lot of headaches later.
11. Know the Home Owner Association covenants if there is one. Some condos do not allow rentals.
This was going to be a Top 10 List but I had to add another one. I hope these tips for buying investment property come in handy for investors who are looking to take advantage of the historically low interest rates and the low prices of homes in the Atlanta market. If you are looking for a property management company, I can refer you to one.
For more information on home buying in metro Atlanta GA contact Jen Bowman, Broker Associate with Keller Williams Realty Atlanta Partners at 404-456-5024.
Search for Homes in Cobb County, GA including Smyrna, Vinings, Marietta, Acworth, Powder Springs at www.HomesforSaleinCobbCounty.com.
Search for Homes in Dekalb County, GA including Decatur, Atlanta, Dunwoody, Tucker, Stone Mountain, Avondale Estates, Lithonia, & Ellenwood at www.DekalbHomeSearch.com.
Search for Atlanta's Luxury Homes including Cobb, Fulton, Dekalb and Gwinnett at LuxuryHomesGA.com
Realtor Jen Bowman has been featured on HGTV's My First Place, HGTV's Buying and Selling 20 Best Kept Secrets & Inman News - where real estate and technology connect. She is a proud member of Keller Williams Realty Atlanta Partners Agent Leadership Council. Jen is also a member of Keller Williams Realty Luxury Home Division, catering to luxury home buyers and sellers. Call or text 404-456-5024 today to get started buying your dream home in Dekalb or Cobb, selling your current home in Dekalb or Cobb, or learning more about an awesome career in real estate.
