Do you own a rental property in the Central Valley but, you live in San Diego, San Francisco, Orange County or other parts of the United States?
Even though you owned a remote rental property, the good news is that it’s still easy earn steady cash flow from that property, especially if you follow these simple tips.
Tip #1 – Practice Due Diligence
One of the first things that you should always do before investing in a rental property regardless if it’s in your local area, or across the United States is to practice due diligence.
Due diligence means quite simply that you’re going to take the time to thoroughly investigate the area where the property is located, and the property itself, before you purchase it.
During the process of researching the area where the property is located, some of the things that you should be looking at include the Safety and Security of the area, quality of the school district, and how the local economy is doing.
After doing basic due diligence, the next thing that you want to do if to have the property inspected and you should also review the financials for the property as well. This includes reviewing the rent roll, to determine how much cash flow that property is earning on a monthly basis.
Tip #2 – Create Systems For Managing Your Property Remotely
Since your rental property is located in another city or state, obviously you’re going to have issues with managing that property remotely, including showing the property to prospective tenants.
Thankfully, in today’s world it’s easier than ever before for landlords to manage their properties remotely utilizing tools like rently.com, which enables landlords to screen tenants so that they can self tour rental properties.
Besides Rently, some of the other tools that you should use to manage your rental property remotely include DocuSign, which will enable your tenants to sign their releases remotely, and services like Buildium which will enable tenants to pay their rents online
Tip #3 – Know When To Hire A Property Management Company
Last of all, the most important if that we want you to walk away with is to know when to hire a property management company.
Hiring a property manager is important because, it’s going to save you the time and hassle of having to manage your property yourself. Ultimately your decision on when you should hire property manager is up to you.
Don’t wait too long. Many owners make the mistake of thinking that they can manage their properties themselves but in the end they stress themselves out.
The best thing to do when you purchase a remote property is to hire a property manager immediately.
This will give you peace of mind knowing that you have a team on the ground that can handle every issue related to your rental property so you don’t have to.
Contact RPM Central Valley
For more Property Management tips, or to speak with us about the services that we can offer you, contact us today by calling (209) 572-2222, or click here to connect with us online.