How To Evaluate A Rental Property Purchase
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When buying a rental property, you will need to estimate its value so that you can know how much you should offer to the seller. Your skills in property evaluation will greatly determine whether you will get high profits or end up in losses. We have few tips on how to evaluate a rental property purchase before making a final decision.
Evaluate The Location As a real estate investor, you should know that the location of your property can greatly affect your net operating income. You should look for a place which will add value to your property and a good realtor can assist you with this.
Evaluate the Cost of Repairs A good real estate investor should be able to estimate the cost of repairs in a rental property. I know this will require some experience but if you lack this “money saving� skill, you can choose a construction expert to do it for you. Incorrectly estimated repairs can leave you wagging in losses which you could avoid.
Evaluate the Value of the Property With the Current Market Value
Before you buy a rental property you should look at the current market scenario and bargain accordingly. It’s very risky to buy a property during a recession. A good property is one that you can resell at any market condition and still get good profit.
Goodman Management Team Goodman management team, a professional property management company. By choosing us you can be assured of a highly efficient management team by your side. As you continue to search for a property manager for your rentals, you soon discover they all appear to be the same. Monthly management fees are typically 5.9% to 6.9% of the monthly rental income. Most provide screening of rental applicants, maintenance and repairs when required, and banking of the rent that requires the accounting department to be involved, requiring additional costs to the landlord. We provide property management service to Anaheim CA, Yorba Linda CA and throughout Orange County CA.
Gerry Goodman Real Estate Services 3239 E Meadowridge Rd, Orange, CA 92867
Cell : (714)588-3338 Fax : (714)282-2242 Email : gerry@gerrygoodman.com
www.goodmanmanagementteam.com