If you’re thinking about purchasing a rental property (and you should, there are good investments to be made) you must remember the cardinal rule of real estate: location, location, location. Depending on where your rental property is, you’ll attract a certain kind of tenant, so be sure to keep that in mind as you go out to find a rental property. If you’ve got a good property management company, the location can matter less, but no matter who you have managing your property, if it’s not in a good location, it’ll be tough to book any tenants. Here are a few thoughts on how to pick the right location.
Visit with the Neighbors
You’ll get a really good idea of the type of tenants you’ll have by speaking with others in the neighborhood. And, depending on your goals, you’ll be able to weigh a particular property against another as you hear from others who live around the property. Property management in Plano can be a tough game, but if you find good tenants who take good care of their properties, then you might have found a quality property for rental.
Does your rental property come with good property management in Dallas? If it does, then you will have a bit more flexibility in the location of your property. If not and you decide to go the do-it-yourself route, you’ll want to make sure you can find a property that doesn’t require an awful lot of your time or upkeep. You’ll also want tenants who are low maintenance and those can be hard to find. So, if you want to get the biggest bang for your buck, hire property management in Dallas and focus on getting your return.
Drive to the school, store or theater
How far is this property from the nearest school? What is the school like? How about the nearest grocery store? Why not go in and shop around the store for a while. You can even catch a flick at a nearby movie theater. It will give you a great sense for the neighborhood, the quality of the location and what kind of tenants you’re more likely to attract. Think of it as a test drive for living in the neighborhood and you’ll understand exactly what kind of location you have on your hands.
Don’t let the first pretty property drive you to action. Make sure you vet out everything about the property first so that you can have more information in hand to make the best decision for you and your investment.