Tampa Bay Realty and Investment Group

5 Tips You Need to Know before beginning in real estate investment

Real estate investment can be a lucrative venture if you do it right. Knowing how to determine if a property is a good investment and knowing a bit about the real estate investment process will take you a long way as a beginning investor. Location, market, age of home, condition, potential improvements and LOCATION LOCATION LOCATION are all important factors.

Before you do anything - you must decide how much money and time you are willing to put into the real estate investment venture. Once you determine these factors you can begin moving in a more specific direction. Here are the five basic steps that you should consider when beginning real estate investing:

A budget will be most important and must be set up front. If you want to invest a few thousand dollars, then a real estate investment (REIT) fund is a good option. Direct investment requires tens of thousands of dollars.
Do some research. Look for neighborhoods in good school zones, or ones with steadily increasing values. There are many homes on the market labeled "handyman special" which could be a great investment for the right buyer.
Buy Low and Sell High is the name of the game. Investing with sweat equity gives you value-enhancing improvements with a non-monetary contribution. Leverage your time to increase your revenues.
You must have cash flow should any issues arise. This fund will come in handy if you need to take care of issues promptly.
The last step is perhaps the most important. You must be prepared and ready for anything. The real estate market ebbs and flows and the more you know in advance the better off you will be. You may need a healthy dose of patience for the right buyer to come along.

Real estate investment can be lucrative. However you must do your homework upfront and understand all that goes into it. When you are ready to delve into the real estate investment game give the experts at Tampa Bay Realty and Investment Group a call. Our experienced professionals will help you choose wisely. Give us a call at 813-515-4882 or visit us on facebook: facebook.com/TBRAIGLLC/

Why hire a property manager?

Many first time investors overlook the benefits of using a property management company which include:

Appraisal

Our property managers give an independent appraisal of the correct rent for a rental property. A lot of first time investors over or under estimate the amount of monthly rent they should charge resulting in lost income through a high vacancy rate.

Tenant Selection

Our thorough background checks ensure we take the responsible approach to your property and tenancy. Selecting a good tenant is critical for us as property managers because tenants are expected to pay rent on time and take care of the property as if it were theirs.

Marketing

Many prospective tenants contact local property managers directly for information about properties for lease or short term rentals. Ericka Lehrer, CEO, has managed 70 properties of her own which leads to a long list of clientele, as well as an extensive word of mouth referral base from previous tenants, neighbors, and other great relationships that she has developed over time. We also have access to inbound marketing via social media platforms, MLS, and associations we heavily network with.

Viewing the Property

Showing prospective tenants the property takes time because people wanting to lease a home generally want to view the property during after work hours such as the evenings or weekends. We understand your time may be restricted therefore you may not be able to find the best tenant for the property in the fastest time. That is why we take care of this for you!

Contracts

Having a tenant complete and sign a lease agreement is very important as it protects you the investor. A clearly written contract should state the responsibilities of the tenant, property manager, and owner. Many investors overlook key parts of renting a property with the result that legal issues are created between the tenant and owner.

Maintenance Issues

Our managers will conduct regular property inspections to make sure the property is properly maintained and take action if it is not. Maintaining the value of the asset should be a key consideration for investors to maximize their return. Maintaining a property also leads to tenant retention which is also critical for the investment return. One of the most common reasons why tenants leave a rental property is that the landlord does not provide a high level of service i.e. it may takes weeks to fix an air conditioner because the landlord is too busy or may live out of state. We can guarantee that all of your tenant requirements are dealt with promptly and professionally.

Termination of contract

Problems can often arise when a tenant wants to terminate their contract i.e. lack of notice or failure to leave the property in the same condition it was first leased. Our property managers will ensure that the contract is properly terminated and that a new tenant can be sourced quickly to reduce vacancy rate. We also adhere to strict guidelines requiring tenants to take responsibility for any damages they may have incurred based on our inspection records done prior to move in.

Give Tampa Bay Realty and Investment Group a call if you have a property you cannot sell and want to lease, or if you have multiple investment homes you would like our help renting. We can help! 813-515-4882