Investment Real Estate for Dummies: 7 Tips for Success
Investment real estate is a very broad and complex topic that is far too involved for a single blog post. However, the acquisition of real estate continues to be a very successful platform for individuals seeking to expand their assets as well as generate a consistent monthly income. Winston-Salem and the surrounding areas prove to be exceptional locations for individuals seeking to expand their portfolio. Not only are residential neighborhoods growing, but rental homes are becoming an increasingly popular choice of housing for individuals and families in this vicinity.
Want to learn more about how you can become successful with investment real estate?
- Know the market. Having a broad understanding of the current trends in real estate can identify the properties with the most potential for profits. Here at Lime Rock Realty LLC, we have a broad and passionate understanding for recent trends in the Winston-Salem housing market, and we can help you determine which types of real estate investment will be the most realistic and cost effective.
- Evaluate the potential return on investment. Crunching numbers can help you determine if an investment has a timely payoff. Here at Lime Rock Realty LLC, we use an exclusive investment calculator to help owners determine income generating potential considering additional factors like vacancy rates, taxes, and projected maintenance costs. Contact us today to learn more!
- Have a practical plan to make your home move-in ready. What kind of amenities are qualified tenants currently seeking? How can you make your home stand out so that it does not sit unoccupied for an extended period of time? In addition to superior listing strategies, Lime Rock Realty LLC has a list of reputable contractors and service providers, and we are happy to facilitate any assistance with timely renovations and improvements to your investment property.
- Identify dependable and qualified tenants to occupy your home. Having reputable renters can make or break your success in investment real estate. Trustworthy tenants have a track record for taking better care of your property, thus reducing owner expenses for unwanted repairs and cleaning costs. Lime Rock Realty LLC has developed an exclusive tenant screening process that ensures only the most qualified renters are considered for your property. Income verification, background checks, and contacting references are just a few of the steps we take to ensure tenant reliability.
- Establish a relationship with your tenants. Connection, communication, and showing concern for your tenants’ needs will certainly help to create a harmonious environment. Tenant satisfaction is imperative to the success of your investment property. Our property management services not only help to protect our buyers’ investments, but also serve as a liaison for open and productive communication between owners and tenants.
- Eliminate down time. A vacant home with no activity is only driving your returns into the red. Lime Rock Realty can help you keep the ball moving on your investment real estate by reducing vacancy rates, improving chances for renewed and extended leases, and streamlining the preparations necessary for making your property move-in ready.
- Maintain your home. Much like any investment, you need to regularly inspect and evaluate the condition of your rental property. By immediately addressing concerns and minor issues, you can avoid the exacerbated cost of major repairs. However, this can be a timely endeavor, so if you are seeking to place your investment property on autopilot, allow the experienced professionals at Lime Rock Realty LLC to manage and maintain your home. Our flat rate fees are not only a fraction of competitor’s rates, but they help to ensure that you are maximizing every aspect of return on investment.
Making wise choices and taking proactive measures to protect and preserve your property optimize the potential for success in investment real estate. If you’d like to learn more about how we can help you procure dependable and reliable tenants or manage your current property portfolio, give us a call today. We look forward to hearing from you!