How to Get Your Rental Property to Work for You

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Real Estate

A good number of the world’s most successful entrepreneurs made their fortune in real estate, and for some very great reasons. Not only does it provide potentially high returns, but it’s also an investment that appreciates over time, survives inflation, and can even be used as equity. Rental property, in particular, offers predictable cash flow, which is a great addition to your financial portfolio. 

 

If you’re looking to keep your income stream flowing in abundance, investing in rental property is definitely a viable way to do so. Here’s how you can get started.

 

Buy Your Property

 

Before purchasing a rental property, you’ll need to learn about which types of properties to invest in and how to operate your rental business. 

 

●       How to Choose an Investment Property: http://blog.rismedia.com/2018/how-choose-investment-property/#close

●       Tips for Buying Your First Residential Investment Property: https://www.poplarhomes.com/real-estate-investment/tips-for-buying-your-first-residential-investment-property/

●       Ultimate Guide to Buying a Vacation Rental Property: https://www.fortunebuilders.com/investing-in-vacation-rental-properties/

 

Prepare Your Rental

 

Once you’ve purchased your rental property, you’ll likely need to make some improvements so it’s desirable to tenants.

 

●       A First-Time Landlord's Guide to Renting: https://www.lawdepot.com/law-library/real-estate-articles/a-first-time-landlords-guide-to-renting/?loc=US#.YU5G1rhKhPZ

●       Top 10 Rental Property Amenities List: https://rentprep.com/property-maintenance/top-rental-property-amenities/

●       The Must-Have Vacation Rental Inventory Checklist Every Host Needs: https://www.igms.com/vacation-rental-inventory-checklist/

 

Reach the Right Market

 

Now that you’ve made improvements and added amenities, learn how to market your property to get it rented quickly at the price you’re looking for. 

 

●       5 Ways to Get Your Property Rented Faster: https://www.zumper.com/manage/resources/5-ways-to-get-your-property-rented-faster/

●       Best Sites to Advertise a Rental and Find Tenants Quickly: https://www.upkeepmedia.com/websites-advertise-rental-property/

 

Manage Your Rental

 

If you’re short on time or live a long distance from your property, hiring employees or a property management company to handle your rental may be your best option.

 

●       5 Crucial Benefits of Hiring a Rental Management Company: https://aepropertymanagement.com/2020/07/14/5-crucial-benefits-of-hiring-a-rental-management-company/

●       How to Manage a Rental Property: https://www.zillow.com/rental-manager/resources/manage-properties/

●       Optimal Invoicing: Use Batch Invoicing and Expensing Software to Save Time and Money: https://quickbooks.intuit.com/online/advanced/expenses-transactions/

 

No doubt, the income potential of a properly managed investment property is significant. It’s also well within your reach. Make use of these resources to get you on the right path and work steadily toward the ultimate goal of making your rental a profitable one — it’s closer than you think!

 

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Article Written By: Alyssa Strickland