- That leap into the wonderful world of investment property is a big one! Spending your cash for a Short Term Rental that will succeed as a part-time business is an art. If you are deciding it’s the route you want to travel, there are some purchase points where you will want to set your sights.
Decide on Your Focus
Will you aim for the traveling businessman? Then your location might be a condo by the airport. Are you family-focused? Perhaps a 4 bedroom investment property in the suburbs would be your choice. Is your goal to rent out your property for special events in your busy city? A centrally located option might best serve you. There are specifics you’ll want to look for in each of these scenarios. Each choice poses a variety of property options, prices, and locations. Setting your goals and desires down on paper is critical. There is research coming, but first, narrow your catagory so you can focus on what you want to buy and where you want to buy it.
Do Your Investment Property Research!
Now is the time for number crunching. What is your income? How many discretionary dollars do you have? Can you swing a second mortgage in the event your rental goes dormant? How much house can you afford to buy in your desired neighborhood? Can you qualify for the mortgage? Will you need an investor to back you? You’ll need all your financial ducks in a row before you hire your realtor. Don’t fall in love with that modern updated condo on the 15th floor before you know it’s $ 50,000.00 more than your top dollar.
Although you can start your search on a do-it-yourself real estate website such as ZILLOW , you will want to enlist a trusted agent who knows the area; preferably one who has dealt frequently with investors. Your agent will go to bat for you and take you through all the red tape and technicalities involved with the purchase.
Go to ‘Landlord School’!
A great landlord translates to great income for your property! Don’t just ‘wing it’! Here at STRM, we specialize in training you to succeed at property management. Our goal is to empower you to master the skills required to manage your property well, such as:
- Deciphering the optimum pricing for the location and the property
- Creating interest in your property through specialized marketing techniques
- Staging, enhancing, and photogragraphing your property to create it’s ‘best face’
- Keeping your home occupied
- Navigating the perilous income tax regulation waters safely…..and much more!
Not quite up to the task yet? We can manage your property for you while you grow your management knowledge and polish your skills.
Investing in a Short Term Rental Property can be a daunting task. We are here to help you to manage the task and set you up for success! Feel free to email us with any questions.