You may have been thinking about investing in real estate for some time now. The thought of owning several Atlanta homes for rent appeals to you, but you have no idea where to begin. As a result, you are overwhelmed and intimidated.
As Atlanta property management experts, we can tell you that there is nothing to be afraid of, even if you lack experience. Once you learn a few basics for real estate investors, you can begin growing your real estate investment portfolio. Here are five tips to help you get started in building real estate investment wealth.
1. Don't Bite Off More Than You Can Chew
If you want to have a great first experience as a real estate investor, don't bite off more than you can chew. It helps to start with a property that is going to be a good experience.
To find yourself a suitable rental property, you need to be honest about what you know and the extent of your DIY skills. It's one thing to buy a fixer-upper when you have extensive construction experience. However, it's quite another to do so when you have limited knowledge in this area.
If you are an expert, you might enjoy the process of turning a low-cost home in poor condition into a valuable showpiece that attracts quality tenants. However, if you don't have hands-on experience concerning renovations, then owning Atlanta rental properties that need fixing can become a nightmarish experience for you.
Finding a turnkey property or nearly-rental-ready home in a great neighborhood with a good school district is a good place to start. Such a home will enable you to attract quality residents that help you generate consistent rental income without investing significant time and budget into renovations before you start making money.
2. Pay Attention to What the Tenants Want
Owning Atlanta homes for rent doesn't mean you should renovate properties to your style or tastes. When rehabbing, make changes that will improve the attractiveness and value of your rental while also delivering what tenants look for in a rental home. When consulting an Atlanta property management group, you might find that what renters look for in a home is different than your preferences for your private residence.
Be sure to consider the long-term implications of any upgrades and prioritize updates that add long-term value to the property. These include updating kitchen cabinets, floors, and appliances. It also includes improving security and excellent internet connectivity.
A property manager can help you pay attention to what appeals to renters the most, then market your rentals to attract quality long-term residents!
3. Location Matters (a Lot)
The location of your investment property can make or break it. You can change the way your Atlanta homes look, but you can't change the location.
When choosing a home, renters tend to consider location and the amenities nearby. These include eateries, hospitals, schools, national parks, gyms, and grocery stores. They also consider whether your rental properties are in a good school district and near relevant transportation networks like a public transit system and airports.
It's also worth noting that the location of an Atlanta rental property can also determine the level of security for its residents. Some neighborhoods are dangerous, while others are safer. When your property is in an area with low crime rates, good schools, and plenty of nearby amenities, you'll attract better renters who stay longer.
4. Don't Be Afraid To Screen Your Tenants
Good tenants can be worth their weight in gold. However, bad tenants can end up costing you money. Many lousy residents won't pay the rent, while others will damage your Atlanta property. Additionally, bad tenants can bother other tenants, forcing them to relocate if you don't handle the matter. You will also encounter renters who keep destructive pets—even against your no-pets policy.
Screening potential tenants is a practice that successful property owners must embrace for success! Watch out for red flags such as criminal and eviction history, bad credit, and dishonest statements. Suspicious employment history with unexplained gaps could also be a sign of a renter who isn't a good resident for your property.
5. Invest In an Expert Property Management Company
If you own several Atlanta homes for rent, it won't be easy to manage them all. Even one rental property can become difficult for a property owner to handle if they relocate or have a full-time job. At some point, your renters will need emergency repairs done. You will also need to ensure that routine maintenance is done.
To ensure your rental property is well maintained, invest in an expert Atlanta property management company. Such a firm can take over tasks like tenant screening, the eviction process, rent collection, and all maintenance needs.
The Right Property Managers Help Investors Build Lasting Success
A reputable company like Renters Warehouse Atlanta helps rental property owners start well and build lasting success! Our team has the experience investors need to choose good properties, manage residents, and grow a profitable portfolio. Reach out to talk with one of our experts to learn more about our Atlanta property management services.
What do investors need to know to build a successful real estate investment portfolio? Download our guide to find out!