• Before a Property Manager; Steps to Purchase an Investment Rental Property

    January 19, 2017
  • Purchasing Investment Rental Property

    Our personal outline when we purchase investment property

    Area

    • Look for a neighborhood that is well-kept
    • Check the crime maps
    • Review local school ratings
    • Walk and visit during both day and evening hours; talk with neighbors

    The Property

    • Cement block construction
    • Slab floor
    • No roof leaks or water intrusion
    • Public water and sewer

    Offer

    • As Is with right to approve or walk away after inspection
    • Several items in offer that benefit the buyer
    • Cash and quick closing if property is vacant

    The Inspection

    • We write our list of repairs and improvements needed during the property inspection
    • We may have a plumber, roofer, electrician meet us for estimate of repairs requiring permit

    Closing

    • We use a board-certified real estate attorney

    It’s Ours

    • We go shopping for items that we are replacing and updating
    • Paint, clean, replace, repair, trim or add landscaping

    Rent It ASAP

    • Price according to rental comps
    • Put “For Rent” sign out
    • Show the property
    • Check prospective tenant’s background, credit, rental history, employment, references
    • Write the lease, determine first, last, security, pets, etc.
    • Give tenant utility contact numbers to change them to their name

    Manage the Property

    • We stay in close contact by text and phone with tenants
    • Often our tenants stay for years

    Contact Blue Sky Property Management TODAY @ 941-587-3492