All the Best Tips for Your First Investment Property Venture
Image courtesy of Unsplash
Are you ready for the world of short- or long-term rentals? Taking the plunge into a new venture is always both thrilling and terrifying. You don’t want your first time around to be a flop, so getting your bearings is the best first step. With that in mind, John L. Scott Real Estate offers these essential tools to help you do just that—whether you’re going into property management or diving into ownership.
Select a Location with Strong Prospects
Learn what to look for in potential properties.
Look into places that are growing by leaps and bounds.
Examine which cities are proven to be solid choices for investing.
Certain areas tend to be hot choices for travelers.
You can use an app to find safe neighborhoods in the location of your choice.
Take the Property You Select to the Next Level
Learn what amenities guests are looking for.
Consider DIY projects that will catch renters’ eyes.
For bigger projects, look into suitable loans.
Dot Your i’s and Cross Your t’s
Ensure you’re in compliance with local zoning laws.
Select a business structure that protects your personal assets.
Learn what obligations you have to your tenants or guests.
Determine whether you should hire a property manager.
Avoid bad renters by using screening services.
When you’re getting into investment properties, information can make the difference between sinking or swimming. Research a great location, then take the property you select to the next level. When the time comes to run it, do it well, and you’re sure to find success in your new endeavor. And remember to connect with John L. Scott Real Estate for help finding the perfect property and making it a success.