If you own a rental property in the Cary area, keeping it in good condition and properly maintained is very important. Properties that are not well kept will continue to wear down and eventually will lose their value. Due to the extreme heat, maintaining a property in Cary after the heat of summer does come with some challenges.
Fortunately, along with the help of our experienced property managers in Cary, there are summer rental maintenance tips that can be followed that will help to keep your property in great shape.
Roof and Brick
To ensure your roof and bricks are ready for cooler temps and upcoming winter storms, you should enlist of the help of our trusted property managers in Cary to make sure that all of the major elements of the home are functioning properly. Doing this will help to ensure that your home is in good shape and ready for the upcoming fall season.
Clean and Check for Cracks
The end of summer should also be a time to make sure that the property is fully cleaned. You should follow rental maintenance tips and spend time examining the gutters, walkways, foundation, and other areas of the home to make sure they are clean and free of cracks. Any issues that you notice should be addressed immediately and reported to your property manager.
If you are in need of assistance in the management of maintenance of your rental property, you should contact us today. We can provide you with a variety of services to keep your property occupied and properly maintained.
Benefits of Using a Property Manager for your Rentals
Investors in the real estate market typically don’t start out very big. Everyone has to start somewhere and most people end up living in the home before turning it into a rental after accumulating more financial resources. You have the opportunity to expand beyond owning a single property as a rental property investor to own and manage multiple homes.
Managing these properties includes maintenance, collecting rent, signing paperwork, and ensuring that the units remain occupied. If you’re investing in rental property as a secondary source of income, it might make more sense to work with an investment property management company to help with some of these tasks.
A good property manager represents their client’s interests well and can assist with screening tenants, ensuring the properties remain occupied and ensures fast repairs both during and in between tenancies. It’s crucial to stay in touch with your property manager for frequent updates and even driving by the properties themselves to see how they’re being maintained outside. Here are a few tips for investors thinking about hiring a property manager.
Long-term benefits
Don’t get too caught up in the short-term benefits of owning a rental property. There may be a few rough patches where you may need to spend more than you anticipated, but home values can increase over time. The potential for an increase in value is significant and typically less risky than other investments such as the stock market or savings account.
Stick with newer homes
Rental properties are a better investment if they’re on the newer side. Stick with houses that are no more than 20 years old to reduce repair and maintenance costs. You might need to repair the floors or paint the walls, but they aren’t as pricey as homes that are less than ten years old. If you want to do a complete and extensive renovation, feel free to buy a home that is 20 to 70 years old, but anticipate having to do significant structural, plumbing, or electrical work.
Contact us today if you are a rental property investor and think that you could benefit from hiring experienced Apex property managers to assist with your investment property management needs.
There are many people who are interested in investing in rental property as it can be a great financial move for a variety of reasons. Not only can investors make money off of monthly cash flow from the collected rent, but there is also financial benefit in the equity appreciation build-up over time. You are essentially having someone else pay your mortgage and insurance on a piece of property that can retain value or appreciate, especially in the Durham-Triangle market.
At Barker Realty, our property management company highly recommends conducting research before investing in real estate in your area to make sure it will be a great fit for your business or you personally. Talk with others. Talk with experts. Learn as much as you can about how investing in rental property could be a game changer for you and your portfolio. Here are some tips to help you along the way!
Find a Rental Property
The best rental properties are in areas that are growing rapidly. The biggest predictor of future price appreciation in an area is the growth of the population. In addition, a growing population will have many renters who are willing to live in your property.
With the competitive real estate market, it may be difficult to find a rental property that meets your needs. You should look for a property that will produce positive cash flow every month. You need to plan out your expenses with the property and then look at what the home will rent for. Hiring property managers is part of the rental process. These costs need to be accounted for as well.
Financing
Real estate investors need to understand how to use financing options for their benefit. Financing is the best way to purchase a rental property if you do not have the cash to do so. Some real estate investors borrow too much money and get into financial trouble. Instead of doing this, borrow money in a conservative way. This will help you reduce the overall risk that you have in an investment.
Hiring Help
No one wants to answer calls in the middle of the night from tenants. Hiring property managers is the best way to reduce your stress while owning a property. You need to look at online reviews before making a decision on the company that you want to work with. You should work with a company that has quality customer service and support at all hours.
Rental property can help you get to the next level in your finances. However, be realistic with yourself. It’s not easy and it is not a way to get rich quickly, but it will help you build wealth over time when done the right way. With the strong housing market, now is a great time to look for an investment property in your area.
Contact Barker Realty today for more information about investing in real estate, rental properties and overall property management services.
Rental properties are lucrative investments in the modern society and seemingly becoming a trend for younger generations to try to capitalize on. With online platforms like AirBnB and Instagram, real estate has become “sexy” to get involved with. Thousands of business moguls in the world have dominated the sector because of its enjoyable benefits and they are sharing those experiences on their social media accounts daily. If you invest wisely in the real estate industry, you could make huge profits and live a lifestyle one can dream of.
Alternatively, you may want to focus on building what some consider “long term savings accounts” where you have renters paying down the mortgage and insurance, while your property maintains or even grows in value. When you sell, you are rewarded with a large chunk of change, tax free depending on the time you’ve owned the property.
If you want to invest in rental property, you have to ensure that it has the best features to attract excellent tenants while also working with a property management company to help market and manage as you build your portfolio further. Some of these features may include:
Provide the best utilities
Convenient location
Spacious parking
Safety and security of tenants
Provide mutually beneficial terms of the lease
Below are 5 key benefits of investing in rental property from Barker Realty.
1. High Leverage
If you own rental property, you can easily access borrowed capital. The capital will enable you to maximize your returns on investments. Rather than using your cash, you can use the loans to invest in other opportunities. Rental incomes will cover the interest costs and monthly mortgage.
2. Property Value Appreciation
The value of your rental property should increase over time, in most markets. Real estate is not a volatile sector these days, unlike 2008/2009. In the long run, your property is likely to attract serious buyers or at the very least, maintain quality tenants.
Moreover, apart from your asset increasing, the rent prices may also rise. Therefore, rental properties are the best assets to own today because they always combat inflation.
3. Source of Passive Income
You generate a direct income stream from tenants every month, which is the biggest advantage of investing in rental properties. Many property investors call this “Mailbox Money”. It just shows up, every month. You can use the extra funds to launch other lucrative projects or build up your savings.
4. Tax Benefits
If you own a rental property, you will enjoy multiple tax benefits, which include these deductions:
Insurance
Interest
Home office
Depreciation
Therefore, we recommend speaking with your accountant or working with an accountant who is very familiar with real estate investing and has other rental property owners in order to maximize your annual deductions when it comes to filing your State and Federal returns.
5. Retirement Strategy
After retiring from a formal job, many people look to real estate to invest their money or to continue working, but for themselves. Others see this as a way to maintain income after retirement if they have owned property while also working a full time job.
It is advisable to hire a local property management company who are experienced in maintaining the value and condition of your property, vetting potential tenants, and marketing your property to obtain the highest dollar possible in your market and making sure your tenants are paying on time.
Contact Barker Realty for more information about getting started on the real estate investment path, or if you already have property, talk with us about having it professionally managed.
The Raleigh economy is booming! Thousands of people are moving to the city to enjoy the abundant job opportunities, excellent school systems, and unique attractions. The influx of people has made Raleigh real estate more in-demand than ever–meaning real estate investors can rehab homes quickly and sell them for a big profit. Properties can also be rented out, bringing in a monthly income while they appreciate. If you’re ready to get in on the action, here are some real estate tips that can help you find a Raleigh investment property.
Finding your Raleigh investment property
When the price of Raleigh real estate bottomed out in 2012, it was easy to find homes. Now, in 2019, it’s much more challenging. Three ways real estate investors can get a reduced price on homes to include:
Buying homes in need of repairs
Paying in cash
Buying homes that aren’t listed
Another solid way to find investment homes is working with a real estate investment company. A property management firm like Barker Realty can help you find the best deals and options in the area.
If you can, pay with cash
It’s true that few people can afford to make a full cash offer on an investment property. However, if you can you should. Whether you are purchasing property to rent out or purchasing to renovate and flip, you are unlikely to see a great return in the first two years of your investment, and the monthly financial impact of the loan payments can be significant.
Qualifying for financing may also be difficult for some people. You will need to have good credit and will have to provide several years of tax returns and other financial evidence to demonstrate that you can afford the home. If you are purchasing the home to flip or rent, you’ll need at least 20% as a down payment, and you will need to provide your lender with a much deeper look into your personal financial history. In order to avoid borrowing too much, investigate all your options with your realtor and a financial advisor.
Finding quality tenants
If you are purchasing a property with the intention of renting it out, consider whether you will have the time or the energy to find, vet, and manage your tenants. Many landlords find that finding respectful, quiet, financially responsible tenants is quite challenging and time-consuming. In some cases, using a property management company is the best solution, so you can continue to run other businesses or look for new investment opportunities. A property management company can manage the property’s daily tasks and maintenance for a small monthly feed.
Hire a Raleigh real estate investment company
Ready to find your dream property? Just call Barker Realty, and we’ll be happy to start you on the process.
There are many people who are interested in investing in rental property as it can be a great financial move for a variety of reasons. Not only can investors make money off of monthly cash flow from the collected rent, but there is also financial benefit in the equity appreciation build-up over time. You are essentially having someone else pay your mortgage and insurance on a piece of property that can retain value or appreciate, especially in the Raleigh-Triangle market.
At Barker Realty, our property management company highly recommends conducting research before investing in real estate in your area to make sure it will be a great fit for your business or you personally. Talk with others. Talk with experts. Learn as much as you can about how investing in rental property could be a game changer for you and your portfolio. Here are some tips to help you along the way!
Find a Rental Property
The best rental properties are in areas that are growing rapidly. The biggest predictor of future price appreciation in an area is the growth of the population. In addition, a growing population will have many renters who are willing to live in your property.
With the competitive real estate market, it may be difficult to find a rental property that meets your needs. You should look for a property that will produce positive cash flow every month. You need to plan out your expenses with the property and then look at what the home will rent for. Hiring property managers is part of the rental process. These costs need to be accounted for as well.
Financing
Real estate investors need to understand how to use financing options for their benefit. Financing is the best way to purchase a rental property if you do not have the cash to do so. Some real estate investors borrow too much money and get into financial trouble. Instead of doing this, borrow money in a conservative way. This will help you reduce the overall risk that you have in an investment.
A good property management company can help you find the right loan for you. Many people who work for a property management company have years of experience in the real estate field.
Hiring Help
No one wants to answer calls in the middle of the night from tenants. Hiring property managers is the best way to reduce your stress while owning a property. You need to look at online reviews before making a decision on the company that you want to work with. You should work with a company that has quality customer service and support at all hours.
Rental property can help you get to the next level in your finances. However, be realistic with yourself. It’s not easy and it is not a way to get rich quickly, but it will help you build wealth over time when done the right way. With the strong housing market, now is a great time to look for an investment property in your area.
Contact Barker Realty today for more information about investing in real estate, rental properties, and overall property management services.
