Once the paperwork is signed and the keys are passed across to you, you might feel you can breathe a sigh of relief. You've done it. You are a real estate investor and have just got your hands on your first property.
Yet, that's only the beginning of the journey.
Now that you've overcome that hurdle, the next one is ahead. Here is what to expect and the challenges you'll need to take on now that you have purchased your first rental property in Atlanta, GA.
Decide Whether to Outsource Your Property Management
As a real estate investor, your strengths will lie in finding excellent properties with lots of potential. But you may not be so keen on dealing with the everyday demands of looking after a rental property.
Therefore, it's worth considering whether it's best to hire a professional to oversee your property. A property management company can take lots off your hands, like securing and screening tenants and ongoing maintenance work.
Review Your Finances
Property financial management is crucial to your success as a real estate investor.
It ensures you maximize your profits and minimize your property expenses. Use professional software to keep track of it and to produce financial overviews.
Reviewing these reports will help you spot potential improvements, such as areas where you can reduce expenses.
Be Proactive With Property Maintenance
It takes work to maintain your property's value. You need to ensure it's as well kept as the day you bought it, which means spending on repairs and upgrades.
This is also important when you have tenants, as you're more likely to retain them if you are responsible and proactive about fixing problems.
Create a plan for the year that outlines every inspection, general maintenance, and upgrade task. That way, you won't get behind, and you can often catch property issues in the early stages before they escalate.
Research the Local Real Estate Market
Your real estate research doesn't stop once you've bought a property. There is more to do. To start, you'll need to know how to price it if you intend to rent it out.
That means looking at similar rates in the neighborhood and whether you need to invest in upgrades to make yours more competitive.
You'll also want to research long-term market trends, such as local renter demographics, to ensure you market your property in a way that appeals to your target tenant.
Consider Your Long-Term Portfolio
Buying your first rental property is the first step to real estate investment success. Use this opportunity to think about your long-term strategy.
Perhaps you want to diversify your portfolio to reduce your risks. Or maybe you want to specialize in a specific type of rental to hone your skills and experience in that area.
Starting as a Real Estate Investor
Becoming a real estate investor is exciting, but success is not guaranteed. To succeed in the real estate world, you must consider your strategy and pay close attention to your finances.
Rent Appeal is a full-service property management company that offers a turnkey solution for new landlords in Atlanta, GA. It could be the perfect fit for you. Find out more about what we offer here.
