Buying rental property is not as simple as purchasing a retail product. You need to do your due diligence to make sure it's worth the investment, especially since you’ll be putting down a substantial amount for the acquisition.
Luckily, many experts in the field can help you make an informed decision. Consulting professionals can help you navigate the complicated process of real estate investing, mitigate risks, and ensure a successful investment.
Who Can Help You Make Informed Investment Decisions?
Real Estate Agent
A reputable real estate agent can guide you through finding the right investment property in Atlanta since they can provide valuable insights into the local market. They know the available rental properties and the neighborhoods they are in.
It's best to look for an agent with vast experience in the real estate industry, particularly in Atlanta, so that they can provide local-based insights. You can find one through real estate websites, contact information on open houses and for sale signs, or referrals from other real estate investors.
Legal Expert
You can expect to encounter a lot of legal red tape before you fully acquire a property and turn it into a rental business. An attorney with knowledge of real estate law can review contracts and agreements so buyers like you can understand your rights and obligations.
Investing in rental properties can easily be tricky, and consulting lawyers can help you expedite your real estate acquisition and avoid legal trouble. There are a lot of laws that can affect your property based on its type, such as zoning or building codes.
Accountant or Financial Expert
An expert can help with your financial situation and offer guidance about mortgage loans, property expenses, the potential rental income of the rental real estate property, and more. They can help you allot your budget accordingly to cover costs for the purchase.
Furthermore, an accountant can provide guidance concerning property taxes, cash flow management, and drafting financial statements based on your transactions and rental income. Having accurate records can help you with legal compliance and decision-making.
Contractor
A contractor has expertise in housing renovations and their associated costs. They can provide estimations of renovation costs, and some even have networks of vendors, allowing you to access reliable services.
Whether the renovations are cosmetic or structural, having a contractor advise you about the property can be beneficial. It can increase your rental property value, help you attract potential tenants faster, and retain long-term tenants.
Property Inspector
Evaluating the property is among the many factors determining whether it's worth the investment. An inspector can identify potential issues with the property, whether cosmetic or structural and allow you to include the repairs in your potential costs.
They can also help you with maintenance and upkeep so the rental property remains in good condition. Landlords are required by law to provide a habitable space to rent, and proper maintenance and repairs are the first few steps.
Property Manager
A property manager is capable of assisting you with an extensive number of crucial responsibilities before and after buying a rental property. A property management company has a team of professionals who can assist with local regulations and legal compliance and take over landlord duties when you need help with your rental property.
For your rentals, professional property management can also handle taxes, marketing, tenant screening, monthly rent collection, market analysis, tenant communication, maintenance, and other stressful tasks that come with rental property ownership.
How Important Can Professional Consultation Be?
If you're new to real estate investing, seeking advice from people who have been in the industry for more than a few years is the smart way to move forward. You'll be more prepared since these experts can tell you what to expect and whether you should invest your money in other properties instead.
Expert advice not only prevents mistakes that can raise expenses but also ensures that your investment will be profitable in the future. First-time investors often need help determining whether they are putting their money to good use.
Where Can I Find These Professionals?
Thanks to the Internet, finding the right person to hire for specific tasks is easy. Some companies even offer investors free rental analyses and consultations to determine whether the investment property's price is worth the projected profit.
You can also ask for advice from other landlords or property owners. Referrals can be more reliable since they can provide insights based on experience. While these can rack up your expenses, it's a good investment if it means that you'll make the right decisions when buying a rental property.
Can I Purchase Properties Without Help?
You can. If you already have the proper knowledge to make significant purchasing decisions, you can forgo professional help. Meticulous research about the rental market, real estate laws, landlord duties, and other necessary information can be enough.
However, it is still advisable to consult qualified and experienced practitioners before you purchase a rental property— even after to help you with matters like collecting rent, conducting repairs, and ensuring that landlords and tenants are on the same page.
Seeking Professional Property Management to Maximize Your Investment
Hiring a company like PMI Georgia is not as uncommon as you think. About 44% of landlords hire a third party to assist them with their rental business. Property managers can guide you while you learn the ropes of managing rentals.
We handle day-to-day operations such as marketing, tenant screening, rent collection, maintenance, accounting, and eviction— all of which contribute to maximizing the value of your investment property.
While we handle the stressful aspects of managing rentals, you can focus on other profitable opportunities and expand your rental portfolio. PMI Georgia is here to help, and we will do our best to ensure you achieve smooth operations and positive cash flow.
There's no time to waste! Contact us for a free consultation now to discuss how we can help you.
