Buying a rental property could be truly daunting especially if it is your first rental property. You don’t want to fall into the wrong hands but you want to go for the best. One of the first places to start your exploration is Jason Hartman. The real estate education as well as topnotch real estate properties available in their platform is truly amazing. However, the tips mentioned below could be relevant in your exploration to get the best property.
Get Advice and Recommendation
If you truly want to go for a wonderful property, you need an advice from an expert. The expert could be a reliable realtor, a friend or a family member but the bottom line is that you need an advice. Ask for recommendations on a good property and seek advice from some of your friends who might be experienced in the field. You can also leverage the service of Jason Hartman here to get expert advice on all kinds of real estate properties.
Not all Realtors are Reliable
One of the greatest mistakes people make when buying their first rental property is to trust every realtor they meet. You might get a good deal with a real estate agent but your foreclosures will be listed on the Multiple Listing Service. This could be a disadvantage to you because your competitors will have access to this same information. As a result the competition might become higher and the cost of acquisition of the property might likely increase. Thus, you might be better off making your own research.
Have a good understanding of what you want and its cost
Before delving into a property, it is important to make a good research. Check with property managers, classifieds and also enquire if there are incentives. Careful enquiry and research will uncover to you whether there is heavy competition or soft rental market. You can also ask landlords and explore every available option to ensure that you get the best property at the most reasonable price.
Invest Equity at the Closing Table
One of the best ways to make the most of your property purchase is to ensure that you never buy any property at the retail market value. You need to ensure that you get reasonable discount before making a deal. As a matter of fact, you should balk from any deal if you can’t get at least between 10 and 20% discount on the property’s current market value. Thus, you might have to demand for the dealer’s valuation calculations and make sure that it tallies with your requirements before you proceed. In other words, you can proceed if the valuation is at least 15% below the market value. This puts you in absolute control of the situation and helps you steer the deal to any direction you want and ultimately ensuring that the investment would be a great one before you put in your money.
Of course, you can make a great deal and amazing profit on buying your first rental property. Get expert advice, make your own research, understand what you want and the cost involved and lock in equity at the closing table.