What's Next After Buying Your First Rental Property?

What's Next After Buying Your First Rental Property?

After a few years of stagnation, the Charleston real estate market is finally experiencing an inventory surge. With over 750 houses listed at the beginning of April, buyers have their pick of great properties.

As a real estate investor, buying your new rental property is only the beginning. What are the steps to take once the deal is closed and the keys are yours?

Read on to learn how to navigate the early stages of turning that new real estate investment into a reliable source of income.

Make Renter-Friendly Upgrades

Renters don't have the option of making gradual improvements to their homes over time. It's up to you to create a space that's appealing and move-in ready.

Start with the essentials and make sure your property is safe, secure, and up to code. From there, consider the features renters really want. High on the list are pre-installed window treatments, dishwashers, spacious closets, and air conditioning.

Create Your Lease

Once you feel confident in your property, it's time to create your lease. First and foremost, you'll need to perform a rental valuation to determine how much you can charge in rent.

Next, think about the specifics you need to nail down in your lease. Consider things like:

  • Pet policies
  • Security deposits
  • Rent due dates and late fees

If it's not in your lease, it's not as easy to navigate potential disputes. That said, talk to a real estate expert to make sure your lease doesn't violate any state or local tenant rights.

Get Maintenance Coordination in Order

Many real estate investors purchase rental properties as a source of passive income. The reality is that someone needs to be in charge of maintenance coordination, whether that's you or a property manager.

Maintenance coordination covers everything from receiving maintenance requests to scheduling and overseeing maintenance. A thorough and responsive maintenance strategy is the best way to keep tenants happy and keep your investment property in great shape.

Start Screening Tenants

Finally, it's time to start screening tenants. It's in your best interest to accept applications and learn a thing or two about your tenant before putting them on the lease. Thorough tenant screening includes:

  • Income verification
  • Credit checks
  • Rental history checks
  • Background checks

The better your tenant screening is, the less likely you are to deal with evictions, late rent payments, or high turnover rates. When you find reliable tenants from the start, you're almost guaranteed to cut back on landlord stress.

New Real Estate Investor? Call Adams Properties for Charleston Support

With inventory skyrocketing, now is a great time to become a Charleston real estate investor. However, building wealth through rental income isn't as simple as buying and renting out a great property.

If you're ready to earn passive income while leaving your property in the hands of rental property experts, it's time to partner with Adams Properties. We offer full-service property management that combines cutting edge technology with hands-on marketing, tenant relations, maintenance oversight, and beyond. Contact us to get the Adams Properties experience and watch your investment grow.