If you’re all set to add a new rental property to your investment portfolio, you may be wondering about buying in a market at a distance from where you live. There are several considerations why you need to do it, specifically if you find out a certain market is ideal for owning a rental home in Greensboro. You may even be tempted to purchase your new rental property sight unseen. In any event, various rental property investors do, and it can work out very well. But as a matter of fact, buying a rental property sight-unseen does have a few potential pitfalls that you’ll definitely prefer to avoid. To help you secure your next profitable rental property sight unseen, here are several of the top pieces of advice imparted by real estate experts.
Get a good real estate agent.
The most important thing you can execute to successfully buy a property sight unseen is hiring the right real estate agent. There simply is no substitute for getting someone who truly understands the local market, has expertise in the type of property you want to buy, and is likely to send you detailed information about each listing. To be certain you hire the right person, ask for references, determine their experience, and execute interviews. You’ll be working closely with this person, so successfully finding a good fit is significantly necessary!
Ask the right questions.
Whether you plan to tour a listed property or not, you need to ask a lot of questions and gather as much information as you surely can. This is specifically true if you can’t be on-site to see certain things for yourself. To cite an instance, you should have your real estate agent send you a floor plan or, if one isn’t available, the dimensions and rough layout of the property. Furthermore, be certain to ask about the obvious status of the property and things like sounds and smells. These are things that the photo just will not convey.
Research the area.
Not only do you need details about the property, but you’ll further want to perceive as much as you can about the potential new neighborhood. One ideal place to kick this off is by making use of Google Earth and Google Maps to view the property’s street. You might, in like manner, ask your real estate agent to include a walking tour of the area in a video tour of the house so that you can get a better sense of the surroundings.
Request video tours at different times of the day.
At times, one of the appropriate ways to learn a lot about a potential property is to look at it several times, at different times of the day. A property may look to be on a serene neighborhood lot in the morning, only to learn that there are disorderly neighbors, late-night train sounds, or other nuisances occurring after dark that your daytime tour would have missed. Things can seem very different in the daylight than they do once the sun goes down.
Enlist friends and family to help.
If you happen to meet and know anyone renting near the rental property you want to buy, think about asking them to tour the property and drive the neighborhood in your place. A second set of eyes never hurts, and they may see things that your real estate agent missed (or didn’t want to report). As a resident, they can likewise extend you a better view of the characteristics of different parts of town and the property’s neighborhood.
Get an appraisal and a home inspection.
On a final note, you certainly should have a professional appraisal and home inspection done. Even though numerous lenders require both as part of the financing process, you should still arrange a professional inspection even if it isn’t required. The inspection and appraisal can alarm you to any number of nuisances or problems, from serious structural problems with the property itself to characteristics that may seriously impact your property’s value. These are things you need to figure out before ever committing to the purchase.
Of course, one of the best ways to buy a property sight unseen is to purchase one that Real Property Management of the Triad manages. Our Greensboro property management experts know every detail of the property and can often help you find off-market deals before they’re even listed. To learn more, contact us online.
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