how to find a rental property

How to Find A Rental Property: 8 Tips When Finding Your First Property Investment

In Rental Property by Bergan & Company

In today’s competitive world, it’s in your best interest to do whatever it takes to get ahead of the game. Perhaps, then, you’re considering investing in a rental property and wondering how to find a rental property. That way, you can earn financial income in addition to your own career. 

At the same time, you don’t know where to start when it comes to finding a property you want to rent out. Well, the good news is that you’ve come to the right place by reading this article. Detailed below is everything you need to know about how to find a rental property. 

Now is a great time to break into the real estate industry as a landlord, after all. Consider the following statistic regarding the residential rental market throughout the United States. It indicates that in the year 2016, 27% of Americans rented their homes. 

You deserve to profit from that statistic, too. Keep reading to learn how. 

1. Start by Evaluating the Initial Down Payment and Your Available Budget

Of course, you’re going to need to come up with some initial funding to purchase that new rental property. To start, take a look at your financial situation. 

When you’re investing in real estate to manage as a landlord, it’s smart to separate personal and business finances. That way, you don’t run the risk of allowing you and your family to go broke when you’re buying a property. 

Be willing to get creative when it comes to financing this new business venture. If you have to dip into your savings account or seek a certified business loan, that’s okay. For more detailed guidance, check out this ultimate guide on financing your investment property

2. Consider How You’re Going to Handle Rental Transactions

Speaking of finances, how are you going to collect rent in the future? The goal of investing in a rental property is to generate income from that rent, right? So, you’re going to have to think about how you want to set that up. 

Some landlords accept checks or money orders from their tenants. In addition, you can set up an online portal where renters can log in and make their payments on a regular basis.

Take the time to think about what kind of system works best for you before you purchase a rental property. It’s worthwhile to get those operational decisions out of the way. Then, you can focus on making a profit. 

3. How to Find a Rental Property Worth Your Investment

Remember, by the way, that you’re going to have to continue investing in that rental property throughout the future. For that reason, you want to do the math and ensure you’re getting a profitable return on investment. 

After all, homeowners throughout the United States spend a lot of money on repair and maintenance. On average, homeowners spend around one to four percent of the home’s overall value on those projects each year. As a responsible landlord, you can expect to pay a similar amount on a regular basis. 

4. Choose a Property That You Would Want to Live in Yourself

One way to ensure your rental property is worth the investment is to think about whether you’d want to live there. After all, you’re going to need to market these open rental units as a viable place for someone to live. For that reason, avoid investing in something like a fixer-upper.

5. Start with a Single-Family Property as a Beginner in Real Estate

If you’re new to the real estate game, consider purchasing a single-family property as your first rental unit. It can be a little bit easier to fill these kinds of rental properties as opposed to multi-family homes like apartment buildings. That way, you can focus on attracting a single-family interested in renting from you. 

6. Be Prepared to Invest in Digital Marketing Strategies

When you’ve found a rental property you’re interested in purchasing, think about the next steps you’re going to take. Are you ready to promote this rental property to potential tenants? Are you willing to invest in digital marketing strategies to do so? 

The work of a successful landlord doesn’t stop after the purchase of a rental property. It’s going to take time to find a well-screened tenant you trust to live in the home. 

7. Get Advice from Other Landlords or Professionals

Don’t be afraid to ask for professional guidance on the matter of choosing your rental property. Talk to other landlords in the local area about their success stories and pain points. You could learn a lot about what to expect when renting out your own property. 

8. Consider Working with Property Management Services

Perhaps after you invest in a rental property, you don’t care to manage all of the upkeep that comes with it. Well, that’s what property management services exist for. 

A qualified property management service will find, process, and evict potential tenants as needed on your behalf. Plus, they will be responsible for repair and maintenance projects as outlined in your contract with them. It’s up to you to negotiate those finer details. 

Make the Most of Your Investment in a Rental Property

At this point in the article, you have a thorough understanding of how to find a rental property. You might as well profit from the fact that more and more American families are choosing to rent their homes. 

Of course, once you do invest in a rental property, your work isn’t done. There are a lot of ins and outs to navigate when it comes to managing a proper rental agreement. Plus, there’s no need to cut corners when it comes to making the most of your financial investments. 

That’s why it can be in your best interest to work with professionals on the matter. Hiring a qualified property management company can help you care for and maintain that rental property for many years to come. 

In fact, that’s where we can come into play. We offer investors like you the most reliable property management services on the market. 

We encourage you to browse through the rest of our website to see how our services can benefit you. To start, check out more information about our investment property services available today.