Many
of those who are considering investing in the property market in San
Francisco will lean towards purchasing a property that they can let out
to a tenant, with the aim of starting to recover their investment as
quickly as possible. Charles Turner has worked as both a property
manager and alongside a number of new landlords to help them to make the
most out of this investment opportunity and offers the following tips
for those who are looking to invest in a buy-to-let property.
Research The Market
Before
you make the decision to purchase a property, it is always a good idea
to research the market and find out the types of property that are in
demand. There is little use in investing in a property of the rent
payments you will need to ask in order to get a return are higher than
what the majority of people in the property’s area can afford, as this
will limit interest and potentially cause problems with missed rent
payments further down the line. Make sure that you understand the market
and that there is adequate demand from tenants before making a
purchase.
Invest In The Property
Making
your buy-to-let property as attractive as possible to potential tenants
will often require you to invest in making improvements to the
property, in addition to the initial investment that you made to
purchase it in the first place. Pay particular attention to the quality
of the lighting in the building, how well it is presented on an
aesthetic level and any urgent improvements that need to be made.
Failure to do so could lead to fewer people viewing the building and may
force down the amount you can ask for rent.
Find Good Contractors
Most
buy-to-let investors will not have experience when it comes to the
various maintenance issues that owning such a property can present. This
means that they need to find a trusted selection of contractors who can
help should any electrical, gas or general building maintenance issues
arise. As a property manager, you must commit yourself to dealing with
maintenance issues as quickly as possible and it helps enormously to
have trustworthy contractors for the task, particularly if you are
intending to purchase a number of different properties.
The Tenancy Agreement
While Charles Turner San Francisco points out that a realtor in San Francisco will be able
to help with some aspects of the tenancy agreement that you create, it
is always a good idea to consult a property lawyer to ensure the
document is as watertight as possible. Failure to do so may leave you in
a vulnerable position if you enter a dispute with a client, which in
some cases can cost you a large sum of money on top of what you have
already invested into the property.
