company to manage your properties?
Tip: Unless you are looking for a new full-time job being a landlord, I suggest that you hire a property manager to oversee your portfolio. In my opinion, you want to be an INVESTOR not a landlord! Learning all of the laws and the ins and outs of what it takes to be a great landlord will take a lot of time and energy. I suggest you hire a management company and work on growing your portfolio, not in it.
WHERE TO START?
Figuring out the potential profit you can make on a property involves a couple of different steps. First, I would suggest going back to Chapter 4 and refreshing yourself on the section labeled WHERE TO START. The first thing you need to decide on is the state, city, and location you want to invest in. Is it feasible for you to invest locally, or do you need to make a plan to invest remotely? For example, I have a fantastic client that lives in California, but invests her money in rental properties here in Central Arkansas because our price of homes for the amount of rent we can get provides very good returns for her...much much better than she could ever get buying a rental in her local market. This is a prime example of investing remotely. Once you decide on your location, you will need to spend some time online educating yourself on that specific rental market. Look at the homes currently for rent in the area. • What neighborhoods bring in the highest rent? • What neighborhood bring in the lowest rent? • Do the highest rent homes have granite, vinyl or hardwoods, large fenced in yards? • What finishes do the lowest rents have? • What did the homes sell for the last time they sold?
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