{"id":100,"date":"2017-09-20T03:15:56","date_gmt":"2017-09-20T03:15:56","guid":{"rendered":"https:\/\/medium.com\/@arthamoney\/top-5-tips-for-buying-a-rental-property-7baf00cd9aed"},"modified":"2017-09-20T03:15:56","modified_gmt":"2017-09-20T03:15:56","slug":"top-5-tips-for-buying-a-rental-property","status":"publish","type":"post","link":"https:\/\/madrasrealty.com\/?p=100","title":{"rendered":"Top 5 Tips for Buying a Rental Property"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/800\/1*vEaBo2zE9opROe6qeEfxJw.jpeg\" alt=\"\"\/><\/figure><p class=\"wp-block-paragraph\">With low saving rates and stock market volatility, putting your hard-earned cash in real estate may be the investment choice for you. No matter what the property market is doing, the right deal in the right location may provide the rental returns you require in the short-term, while earning significant capital gains through rising house prices in the long-term. For those that wish to become landlords, here are five tips for selecting a profitable property.<\/p><h4 class=\"wp-block-heading\">Think Like An&nbsp;Investor<\/h4><p class=\"wp-block-paragraph\">There\u2019s no point buying a rental property if the rent it generates is less than the return you would receive from an alternative Investment, such as stocks or a savings account at the bank. One rule of thumb Is to check a property\u2019s cash-on-cash return. Consider, for example, a potential investment property that costs $150,000. You put down $30,000 and take out a mortgage for the rest. Leased, the property should earn $10,000 per year in rent.<\/p><p class=\"wp-block-paragraph\">After deducting your mortgage payment and other expenses, you expect to clear $3,000 a year in net rental income. This investment scenario generates a cash-on-cash return of 10 percent: $3,000 against the $30,000 cash you invested this represents an excellent return. Changing the variables, for example, raising the mortgage loan or lowering the rent gives a different result, so make sure you have sound financial advice before you begin.<\/p><h4 class=\"wp-block-heading\">The Location Must Please Your&nbsp;Audience<\/h4><p class=\"wp-block-paragraph\">The perfect location for a rental may not be where you would like to live. Do your homework and make sire that you understand the buoyancy of the rental market in various local neighborhoods. Prepare a profile of who is renting in each area. Young professionals, for example, need good commuter transport links, shops and entertainment. Families need parks, play areas and schools. Satisfy yourself that the area finds the audience, then concentrate your efforts on finding a property that also fits the target market.<\/p><h4 class=\"wp-block-heading\">Look Through the Eyes of a&nbsp;Tenant<\/h4><p class=\"wp-block-paragraph\">Renting Is a visual experience and first impressions count Most leases and rental agreements stop tenants from changing or altering properties without your consent, so you\u2019ll need to give them a move-In ready product. Modem fixtures and fittings, dependable heating and plumbing systems and freshly-painted, dean interiors will attract tenants. Pay attention to gardens, driveways and garages for curb appeal. If you\u2019re furnishing the rental, choose Interiors that match your audience. Students, for example, need desks and workspaces while urban professionals will enjoy sleek lines and modern furniture.<\/p><h4 class=\"wp-block-heading\">Be Professional<\/h4><p class=\"wp-block-paragraph\">Being a landlord Is a profession not a hobby. Behave as you expect others to behave in their day Job; calmly, rationally and without letting your emotions run away with you. Landlords should ad professionally at all times even when a tenant Is late paying his rent (again) or bombards you with late night phone calls. The landlord-tenant relationship is highly regulated too, so you\u2019ll also need to familiarize yourself with local and state laws and adopt processes for logging calls, repairs and other action. If you can\u2019t handle the volume of work, consider employing a manager to do the day-to-day management for you.<\/p><h4 class=\"wp-block-heading\">Choosing an&nbsp;Agent<\/h4><p class=\"wp-block-paragraph\">Property listings rarely contain the information you need to buy an investment property, such as whether the neighborhood appeals to tenants and the quality of competing rentals in the area. Before you start, get in touch with a knowledgeable agent who specializes in the rental market. The ideal agent has worked with investors before and can tell you what tenants are looking for. She can also crunch the numbers and determine potential rents As the saying goes, a person Is only as good as the team behind him, so choose an agent you trust to maximize your chances of success<\/p>","protected":false},"excerpt":{"rendered":"<p>With low saving rates and stock market volatility, putting your hard-earned cash in real estate may be the investment choice for you. No matter what the property market is doing, the right deal in the right location may provide the rental returns you require in the short-term, while earning significant capital gains through rising house [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-100","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top 5 Tips for Buying a Rental Property &#8212; OpenRealty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madrasrealty.com\/?p=100\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 5 Tips for Buying a Rental Property &#8212; OpenRealty\" \/>\n<meta property=\"og:description\" content=\"With low saving rates and stock market volatility, putting your hard-earned cash in real estate may be the investment choice for you. 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