Tips from PamTexas.com, pg. 14
rentable and more important if the
property rents will be at the level you
need to maximize your investment.
When you own and purchase prop-
erty in your own backyard a lot of
these details are easier to determine,
but it gets exponentially harder when
you purchase and own property long
distance. Buying outside your market
is a great strategy to diversify your
portfolio and increase your investment
choices, but you will need a good part-
ner in property management and real
estate sales.
When reviewing an area to invest in
you should also select a good proper-
ty management team. Having a good
property management team will make
or break your success. Good manage-
ment teams will keep you updated on
all market conditions, including things
that could both positively and negative-
ly affect your investment value.
They need to visit your property at
least every month and should always
include exterior photos of the prop-
Realty411Guide.com
erty so that you are in the loop on the
condition of your property on an ongoing
basis.
Your team will provide current rental
information as well as updated market
info on the area. Bonus points if your
a major item. For example, as when
you drive up to a property and you
notice that the secondary drain line
to the HVAC system is draining on
the outside. This could mean that the
primary drain line is clogged and should
Buying outside your market is a good strategy to
diversifying your portfolio and increasing your
investment choices, but you will need a good part-
ner in property management and real estate sales.
property management team also has
licensed agents and/or brokers. This will
allow you to have seamless transition
from purchase to rental, and they will
monitor market conditions to allow you
to sell the property if the market is right
or find additional properties to add to
your portfolio.
Good management teams will also
closely monitor the property and provide
updates on any maintenance items that
need to be repaired before they become
PAGE 107 • 2014
be addressed before it backs up into the
house. Finally, the management team
should provide interior inspections that
address items not being taken care of
by the residents, catching them early
enough to prevent bigger issues that
would normally be discovered upon
move out and help reduce the make
ready cost to get the property ready for
the next tenant. v
For more information, please visit:
http://pamtexas.com
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