When you’re investing in real estate, it’s important to find the best property manager partner to help you. Today, we’re talking about how you can find that partner and what you have to gain from getting help with your rental property investment.
Talk to a Property Manager Before You Buy
We often have people come and talk to us about managing their property after they purchased it. They want us to take over the day to day operations of the home, and that’s great – we love providing property management in St. Joseph. My suggestion is to contact a property manager prior to investing in rental property. We can be helpful before you buy.
Rental and Occupancy Rates
When you talk to us before you purchase the investment, we can help you understand things about the property you may not have thought of. For example, we can give you an idea about what kind of rent you can expect and what sorts of occupancy rates to anticipate. There are things you can do to the property once you purchase it to improve the level of interest the home receives from good tenants.
Budgeting and Planning
We can work with you on maintenance needs and estimate what your repair costs will be. Age and condition are factors in any investment property. We can walk you through these things and talk about whether the property will attract god tenants. Some properties attract better tenants than others, and you always want a tenant who pays rent on time and takes care of the home. We’ll come up with proforma cash flow numbers for the property so you can see an estimate of your income and expenses and know approximately what your cash flow will be. You’ll want to know if the property cash flows because that’s what you want to buy; a home that will bring in enough income to at least cover your expenses. A good property manager can assist you with that.
If you have any questions about buying investment property or real estate investing in Michigan, we can help you. Please contact us at Real Property Management Southwest Michigan, and we’ll tell you more about St. Joseph property management.