Finding the right rental property that you want to invest in can be difficult. While you’re not living in the house, you are renting it out and you do own it, which means that you should like it. At the Balmoral community in Orlando, we offer a variety of rental properties that you can rent out to friends, family, or other tenants who want to enjoy some time visiting the many attractions in the area. What’s neat about Balmoral is how easily you can get around the area. Between visiting golf courses to amusement parks, everyone can find something to do in the area. If you want to invest in a rental property in a great location that everyone will want to come visit, then contact The Feltrim Group. We’ll help you figure out the best house that you can rent out.
Four Tips To Find The Perfect Rental Property
In today’s blog, we’ll be covering how you can find the perfect rental property to meet your needs. Even though you won’t be residing in the house, you should find something that meets all of your criteria. These four tips will help you find the perfect rental property, and while we hope that it’s in the Balmoral community because it has so much to offer, we also want to make sure that you’re satisfied with your investment. The most important element you can take away from this article about rental property is to do your research. Don’t make a rash purchase before you know all of the facts. After all, you should make an investment you’re proud of instead of something you make on a whim. Now, here are a few additional tips to consider when purchasing a rental property.
Talk To People
As we mentioned, you need to do research. This can entail anything from reading blogs to talking to people. However you want to do research, we encourage you to talk to people who are knowledgeable in this field and who can help you find the best real estate investment. Talking to people who are in the market and who know real estate will be able to provide you with insight as to what it means to be a rental property owner. The power of networking will offer you leads on properties but also tailored advice to your specific situation. Try meetup groups or reach out to friends and family who may know people who are in real estate investing.
Envision Your Ideal Renter
Another tip is to envision your ideal renter. Everyone has a horror story about roommates or bad living situations. The stories go the other way with rental property owners. When you get a group of landlords together, you can expect some bad stories to be thrown around. For this reason, you’ll want to envision your ideal renter. At Balmoral, our homes are rented to many families, groups of friends, and older people who want to enjoy Florida living. As you begin to envision your ideal renter keep in mind what he or she may be looking for. If it’s a family who wants to visit Universal Studios, they probably want open spaces and easy access to the amusement parks.
Figure Out The Cost
Another tip to find the ideal rental property is to figure out the cost for everything. How much do you want to spend? How much do you think you’ll need to put into the rental property. Will you need to borrow any money? Sit down when you find the perfect rental property and begin to list out all of the costs. How much you expect for rent, what you’ll cover, and the loan you may need to take out. It’s important that you figure out cost, so you don’t get in over your head and you begin to see cash flow instead of being in debt for purchasing a rental property you thought you could afford.
Tally The Expenses
The last tip that we can offer is to tally your expenses. When you sit down and begin to list out your expectations, you’ll want to also tally your expenses. It’s estimated that 50 percent of your income will go to the rental property expenses. This doesn’t include the loan. You’ll want to sit down and determine how much you’ll charge for rent and what you can assume the other expenses are such as Wi-Fi, cable, electric, etc. By knowing how much you’ll spend, you can have the opportunity to begin to calculate your cash flow.
We hope these tips have helped you! Stay tuned for our next blog to learn more about rental properties.