Once you’ve decided that owning and renting out a Goose Creek property is a good idea, what do you do first?
New investors often have a lot of enthusiasm, and that’s going to help you succeed. However, we never know what we don’t know. Whether this is your first time investing in real estate or you’re an experienced property owner – there’s always a surprise or two waiting.
We have some advice about what you need to know when you own and manage a Goose Creek rental property. The best thing we can advise is to surround yourself with experts. You’ll need a good real estate agent, property manager, legal counsel, accounting professional, and mortgage broker.
With the right team surrounding you, you’ll be off to a great start.
Identifying Investment Opportunities in Goose Creek
Real estate investments in Goose Creek and the surrounding Charleston areas increase in value every year, so buying a property is a great way to increase your net worth. Owning investment properties can also help you diversify your income, and you’re looking for a home that can potentially earn you positive cash flow every month.
Choosing the right rental property is an important first step. You’ll want something that fits your investment goals. Before you invest, make sure you understand whether you’re hoping for immediate cash flow, long term appreciation, or something else. You don’t want to buy the first thing that comes along just because it’s available. Be intentional and strategic and put together a roadmap.
Place High Quality Goose Creek Tenants
The tenant you place can often make or break your investment experience. If you allow a bad tenant to rent your home, you’ll find yourself spending more time and money than you want to trying to collect rent, enforce the lease, and protect your investment property. A great tenant, however, will pay on time, communicate well, and help you take care of your home.
You need an application that’s compliant with all state and federal fair housing laws. Be careful when you’re screening; you have to screen every application consistently, and you need to be protective of your applicants’ data and financial information. When you’re screening, check these important things:
- Nationwide eviction and criminal check
- Employment and income verification
- Credit check
- Rental history check
Many investors and landlords neglect to talk to former landlords, but this is important. You can ask if rent was paid on time, if there was any property damage left behind, and if that landlord would rent to the tenant again.
Pay Attention to Property Maintenance Issues
Responding to emergency maintenance is obviously a priority when you’re renting out a property. If your tenants calls you because a leak is causing a flood in the bathroom or because a tree has fallen down and crashed through the roof during a tropical storm, you know you have to respond immediately.
Routine maintenance should inspire the same sense of urgency. Taking care of even minor issues right away will make your tenants feel valued and important. This contributes to excellent tenant retention, which saves you money on turnovers and vacancies. Preventative maintenance also protects the condition of your home and allows its value to increase reliably. Don’t put off maintenance work, and always hire licensed and insured vendors and contractors.
Professional Goose Creek Property Management
Hiring a professional Goose Creek property manager will save you time and money. The experience, advice, and income provided by property managers provides peace of mind and freedom.
Property managers can also provide some help in growing your portfolio and creating some independence through the wealth generated by your rental properties. Many people who start with one investment property go on to invest in more properties and even become full-time real estate investors.
There’s a lot more you need to know about owning and managing a rental property – this is only the beginning. Contact us at ROG Coastal Property Management, and we will help you have a successful investment experience with your rental property.