Whether you are looking for a rental home as a long term rental or a short term rental, a buyer needs to plan out their expectations before starting a search.
Set your Expectations:
Are you looking for something to make a fairly stable % each month?
Determine the minimum return on investment (ROI) acceptable from a given property.
Will this be a long term investment you expect to build equity in or will it be a short term investment?
Get Help from the Pros:
Use your realtor’s expertise about the local area neighborhoods, costs, and trends. A good realtor regularly working in this market will be knowledgable about the best properties available for the purpose of short and long term rental.
I work closely with a reputable property manager to ensure any potential real estate investment properties I show a client have good rental potential. By working together and keeping an eye on the market at all times, I know the most current
inventory or rental properties and their potential ROI.
Make sure you research the property management company and call referrals. The way the property is managed can make or break the long term success of your rental business.
If you plan on utilizing the rental for friends, family, and/or personal vacations, pick weeks that are not in high demand by renters. The more the property is utilized for personal use, the less income you make. Keep personal use to a minimum to keep your ROI at its highest potential.
Keep up with recommended maintenance!
Renters appreciate a fully stocked home with all the proper utensils, dishes, linens, etc.
Always have the property walked after a renters stay to make sure everything is perfect for the next guests.