Buying Income Property
When you select me to assist you in finding and buying an investment property, you've hired a specialist committed to professionalism, integrity and service. I will take the time to understand your investment objectives, conduct the property search, evaluate the property and negotiate your transaction.
Your Investment Objectives:
Your investment property could be a single family home, town home, condo or muli-residential property such as a duplex, triplex, 4-plex, etc. Understanding your investment strategy will help me target the right type of property, property location, and price range for your investment. Contact me for a no-obligation consultation on some of these key issues:
- Immediate Income
- Short term appreciation
- Positive cash flow
- Remodeling opportunity
- 1031 Exchange purchase
- Long term tenants
- Short term renters
- Self property management
Search for a Property:
On the Income Property page of my web site you will find MLS searches for Mulit-Residential properties for several selected cites. You can use the general MLS Search on my web site to find other types of properties or locations. After our no-obligation consultation, should you decide to work with me, some of the key things I will be doing to conduct your property search are:
- Defining one or more property profiles, which will take into account, purchase price, potential rental income, operating costs, property condition, acceptable locations, and acceptable types of property.
- Setting up automated searches that will email you listings of properties matching the profiles.
- Driving by and previewing where possible, target properties and notify you of the ones worth looking at.
Evaluating a Target Property:
Once a property of potential interest has been identified I will be assisting you in investigating the property and constructing an offer. Each situation will be unique as to what information and investigation can take place prior to writing an offer and what must wait until the seller accepts your offer. In most circumstances your offer will be written so you may withdraw from the purchase without penalty if you are not satisfied with your post offer investigation results. Here are many of the topics that will need to be researched:
- Physical condition of the property such as roof, foundation, appliances, heating system, paint, carpet, termites, plumbing, etc.
- Present and potential rental income, leases if any.
- Rentability amenities such as parking, laundry facility, schools, storage, private yard space and separate utility meters.
- Operating costs, such as landlord paid utilities, landscaping, insurance, association fees, maintenance & repair history and property management service.
- Earthquake, flood, toxic materials and other environmental conditions.
- Neighborhood conditions, nuisances and rent control
Managing Your New Investment:
Once you have purchased your new investment property I can provide you recommendations and support in managing your property. You will find some useful information by clicking on Books, Web Sites & More on the Income Properties page of my web site. Here are some of the tasks I can consult on:
- Setting up the utilities.
- Finding a tenant
- Finding a property manager
- Contractors for repairs or remodeling
- Landscape maintenance
- Rent collection & accounting