It doesn’t matter if you have owned rental properties for years, or are just getting started, if you want to be a successful long-term investor you have to regularly make smart moves that will increase your overall profitability.
The good news is that success leaves clues and, in this article, we will share with you some of the most common moves that longtime, successful Real Estate investors make to increase their profits and get the most ROI from their hard work.
Tip #1 – Take the Time to Look Beyond What You Can Rent A Property For
During the process of investigating a potential rental property that you would like to buy you should also be looking beyond what you could potentially rent that property for.
Specifically, you should also be looking at things like the local job market, property taxes, location, and nearby amenities.
This is important to do because the property may look like a great rental on paper but if it’s in a bad area, or the jobs market is depressed in that town, you could face an uphill battle when it comes time to rent that property out.
Tip #2 – Investigate Your Insurance Costs
Landlord insurance is vital to have because it’s going to protect your best interests.
One of the biggest mistakes that most owners make is not shopping around for the best policy when the Internet gives owners the best opportunity to find the most affordable policy possible.
Before choosing a landlord insurance policy, always take the time to shop around because there could be another company out there that offers a more affordable than what you may be considering.
Tip #3 – Are There Any Off-Market Properties?
Another excellent thing that you can do to increase your profits as an owner is to look for off-market deals. This means contacting owners who may have properties that are not currently listed on the Real Estate market and asking them if they would be interested in selling their properties.
Besides the tips mentioned in this article, another important thing that you should consider doing as an owner to increase your ROI is to hire a property manager.
As we’ve stated on this blog in the past, hiring a property management company will save you the time, money and hassle of managing your investment property yourself. This will help you to increase your ROI and enjoy a truly passive income that can come from owning an investment property.
Contact RPM Central Valley
To learn more tips, you can use to increase your ROI, or to speak with us about the property management services we can offer you, contact us today by calling (209) 572-2222 or click here to connect with us online.