5 First-Time Property Investor Questions, Answered

There has been a pretty big surge in interest regarding rental property investment over the last few years. More people are jumping in and trying their hands at managing rental property and real estate. And while every investment property situation is unique, there are common questions that come up – especially from first-time property investors. In our experience, these are the more common questions we see. And we’re sharing the answers and insights you need to reach investment success.

1. How Do I Decide If a Rental Property Is Going to Be a Good Investment?

You’ll want to first start with your budget and cash flow to determine benchmarks for your personal affordability. In addition to the upfront purchase price, you’ll need to consider renovations, property maintenance, rental advertising, tax rates, and insurance. With your affordability in mind, you can then look at the property in question and evaluate its marketability, value, and rentability. Some properties are super-cheap to buy but for a reason. If a property is in an unsavory neighborhood or in a market that is experiencing economic downturns, it’s going to be harder to rent.

2. How Can I Improve My Property’s Marketability?

To attract more tenant applications for your property, look to make improvements that matter in the eyes of those potential renters. Generally, start by keeping up with property maintenance to improve the overall condition of your rental property. No one wants to rent any space that looks or feels dilapidated. Then focus on improvements that attract renters and boost your property’s value. Popular upgrades include appliances, curb appeal beautification, replacement roof, or smart home technology.

3. Where Do I List to Find New Tenants?

There are TONS of rental property listing sites online, including Realtor.com, Doorsteps, Zillow Rental Manager, Trulia, and Apartment Finder. And it can be daunting to keep active listings across all of them. For our property investors, we offer a streamlined listing solution that allows one post to cascade automatically to all the big rental sites. It’s also recommended that you look to develop your own online community using social media and ongoing marketing efforts. And it’s still a best practice to keep a “For Rent” sign in your property’s yard since many renters still drive around to look for new vacancies.

4. What Rainy Day Expenses Should I Prepare for in Budgeting?

It’s imperative that you create an emergency budget to prepare for rainy-day expenses that present unexpectedly. Veteran property owners suggest at least three to six months of expenses in reserves to start. But be prepared for additional expenses associated with major home maintenance replacements, like new air conditioning systems. And be sure to take all the preventative and necessary steps to avoid major catastrophes with regular property maintenance efforts that help you stay ahead of expensive replacements.

5. Can I Handle Rental Property on My Own?

The short answer is yes. There are plenty of first-time rental property owners who successfully manage their own properties on their own. However, with limited experience, doing so could set you up for expensive pitfalls or poor decision-making with your investment. And if you decide to branch out with additional properties, all those management tasks will only double and triple your workload. It’s best to consider working with a rental property management firm like PMI JCM Realty Group. Start your investment journey off on the right foot and with an expert in your corner to make the most of your efforts.

Hopefully, you find these FAQs helpful as a first-time rental investor. Connect with PMI JCM Realty Group with other investment questions you have. And let our team guide you to portfolio success!

PMI JCM Realty Group remains dedicated to sharing emerging trends in the rental property investing market. Moreover, if you want to explore more effective methods for improving your landlord-tenant experiences, we can help. Find insights to boost your vendor relationships and bottom-line ROI, too, when you sign up for our free webinar. We’ve compiled the must-know insights and game-changing expertise for today’s rental investors in Tampa and beyond.

Experience it for yourself with our webinar: How to Streamline Your Rental Portfolio for Maximum Growth! Rental property investors always find something innovative worth considering.

You can always get answers, too, when you connect with us on social media! Share your obstacles with others and participate in our Facebook Group discussions, which are great for discovering insights into the most pressing rental management questions. Join these insightful conversations and collaborate with top property managers!

You can also reach out to other property owners interested in achieving similar portfolio ROI goals and learn about effective management strategies. Also, exchange suggestions and ideas with fellow professionals. Talk in-depth about today’s tenant challenges and market nuances. And should you require a more detailed or tailored solution, hop online and schedule a meeting on my calendar!