There’s no doubt that one of the great things about the Internet is that you can search for investment properties anywhere in the world right from the comfort of your computer.
During the process of searching for investment properties you may come across one or more cheap real estate deals.
Even though the real estate may be cheap, you absolutely must restrain the desire to buy that cheap property sight unseen without first taking the time to verify that it indeed will make a great investment property for your portfolio.
In this article we will provide you with several ways to protect your best interests before buying an investment property sight unseen.
#1 – Always Learn More About The Location
Location, location, location is a “mantra” that’s repeated often in the real estate world because where an investment property is located will directly affect the ROI that you receive from that rental.
How do you research a location? First, you can start by googling the address of the investment to view the google street view pictures of the investment property. This is an excellent way for you to get a “birds eye view” of the location without actually visiting it in person.
You can also learn more about where an investment property is located by googling more information about the city / state where the property is located, reading local newspapers online and of course viewing the local tax accessors website.
Ideally, the investment property should be in a “walkable” location that’s close to shops, stores and public transportation. It should also be close to the highway as well so that your tenants don’t have to drive a long way to get to work.
#2 – Get A Good Inspection
The price may be great but, before submitting an offer, you should get the property inspected. This is essential because an inspection could literally show you that the property needs tens of thousands of dollars in repairs or parts of the rental should be torn down.
#3 – Make A Smart Offer
When it comes down to making an offer on an investment property you should always first make a smart offer and don’t get caught up in a bidding war with another investor. If you make a smart offer from the very beginning you will always lock in your profit from the very beginning.
#4 – Invest In Title Insurance
Regardless of the look of the property, you should always get title insurance because an agent may try to wipe their hands of any liability, and cheap properties often have title issues so it’s best to cover your best interests by getting title insurance.
#4 – Hire A Property Management Company
Regardless of if the property is out of town or not you should always hire a property management company to professionally manage that investment property for you.
Property management is important because it will save you the time, money and hassle of managing that property yourself and it will also help you to keep your tenants happy longer because their needs will be taken care of by professionals.
Contact Rent Portland Homes
To learn more about the property management services we can offer you contact Rent Portland Homes today by clicking here to connect with us online.