Are you thinking about buying your first rental property in the Central Valley? If so, you’ve come to the right place!
Even though 2020 has been a tough year for everyone, the reality is that it’s still an excellent year to buy real estate.
Thanks to historically low mortgage interest rates, and continued high demand for rental properties, right now is the perfect time for every investor to invest in rental properties in the Central Valley and other locations nationwide.
If you’re ready to get started with investing in rental properties but, you don’t know what steps to take first, this article or before with several tips that you can follow to find your first investment property in the Central Valley.
Tip #1 – Driving For Dollars
The first thing that you can do to find rental properties is driving for dollars.
This means that you should determine which area that you want to purchase a rental property then target at least 3 neighborhoods in that area to search for single-family homes, or multi-family properties.
Tip #2 – Connect With A Property Manager
Another great thing that you can do to find rental properties for sale in the Central Valley is to connect with the property manager.
A property manager will save you the hassle of having a search for rental properties yourself because, as long as they have a real estate agent on staff.
Tip #3 – Analyze The Property Before Purchasing It
Last of all, but most important, another thing that you want to do before investing in rental properties in the Central Valley is to analyze the property before you purchase it.
This means that you should take the time to learn more about the property to determine if it has any deferred maintenance issues.
You should also do your due diligence to confirm what the property taxes and insurance are that will need to be paid on an annual basis.
If the property that you’re thinking about purchasing is currently being used as a rental property, you should also request deposit information from the current owners so that you can confirm what they’re charging their tenants for rent every month.
It’s also important to do a comparable analysis of other rental properties in the area so that you can confirm that the current owner has been renting their property for a fair market rent.
Contact RPM Central Valley
For more tips on finding a rental property in the Central Valley, or to speak with us about our Property Management Services, contact us today clicking here.