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Charleston Property Management | Buying Your First Rental Property?

Rental properties are an excellent investment because families will always need somewhere to live, and many people will rent at least once in their life before purchasing their first home. Investing in single-family rentals is a great way to earn passive income in retirement or as a side job to have extra money rolling in. Many investors will hire a Charleston property management company to help them get the most out of their rentals; however, there are a few things you need to do first to get ready to purchase your first rental property.

  1. Make the Commitment- Investing in rental properties isn’t for everyone, and you need to decide if you have the time to step into the world of real estate. Even if you hire a Charleston property management company, you will still need to be an active part of the business. You’ll also need capital to start up with, a business plan, and a real estate investment trust.
  2. Build a Team- You’ll need a great team to help you with your real estate investment, including working with a local real estate agent, attorney, insurance agent, appraiser, and home inspector.
  3. Decide Where to Buy- One thing that Charleston property management teams can help you with is finding the right neighborhood to purchase a home in. There are a lot of factors to consider in choosing the best area for single-family rental homes, including price, demographics, economics, and more.
  4. Secure Financing- Before you can purchase a rental home, you need to secure financing. Lenders are much more strict on the requirements for an investment home mortgage as opposed to a primary residence. Make sure to secure funding before you start shopping or making offers.
  5. Choose a Property Manager- Once you’ve decided on the investment home and the offer has been accepted, you should start searching for the perfect Charleston property management company. A property manager can help you understand the business cashflow and help you get the best return on your investment.

Investing in single-family rentals in Charleston can be the key to a happy and financially secure future. Hiring a property manager can increase that security by helping your business get off the ground running.

When you’re ready to talk about Charleston property management, call Scott Properties at 843-352-8341.

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Charleston Property Management | Finding Rental Properties to Invest In

Real estate investing in single-family rental homes can be very fun and gives investors the ability to purchase homes that they love, while still making passive income and profits. Charleston property management companies, can help you choose the perfect neighborhoods to invest in, but there are a few other ways you can find the ideal rental property investment.

  1. Search the MLS- Multiple listing service, or MLS, is a database of homes for sale. Zillow and Realtor.com use the MLS to show you homes for sale based on your parameters such as price range, zip code, neighborhood, and time on the market. You can also reach out to a realtor or Charleston property management company to help you with your single-family rental home search.
  2. Turnkey Rental Properties- Turnkey rentals properties are homes that were purchased and renovated by investors, then put back up for sale quickly. This is also called “house flipping.” Contact some of the turnkey property owners in the area you are looking to purchase property, and you can find yourself buying a home that is already move-in ready.
  3. Wholesale Homes- Some investors make a living purchasing off-market investments at low prices at auctions or foreclosures. These homes often need a lot of work, and the investors sell the houses for a small markup. Most wholesale properties will require cash upfront to purchase, and financing may be more difficult for these types of properties. However, if you’re handy and want a renovation project, wholesale options might be an excellent option for you.
  4. Direct Marketing- The perfect rental home for a Charleston property management company start-up might not even be on the market yet. You can target homeowners that are likely to want to sell their home by starting a direct mail campaign. Look for pre-foreclosure lists, properties that were recently put through probate, or free-and-clear properties of elderly citizens that may be close to retirement and looking to downsize and send postcards or letters with offers to buy.

Charleston property management companies are an excellent resource for investors looking for the perfect home to rent. Property managers can help you determine the market rent for the neighborhoods you are interested in and can give you insight into industry trends.

If you are interested in working with Charleston property management teams, call Scott Properties at 843-352-8341.