When you own rental property, you need a property that has both tangible and intangible characteristics if you want to have a good rental property. Rental owners will have different criteria when deciding what is a good investment. Either way we will go over a few things every property owner might want to consider if they want to maximize their profits.
We help individuals maximize profits by giving them the most value information needed to succeed in real estate. With that being said, what makes a great rental property in Reno Nevada?
You will have more than enough tenants to pick from if you have a rental property in a great location. Lactation is an important factor in determining what makes a good rental property in Nevada. When your property is located in a good area, you will always have higher rates of demand. This will help lower our vacancy rates. Although you need always factor in what is a decent vacancy rate in your area. So do not just assume you will be above the average.
High value rental properties are typically located near good school districts, grocery stores, entertainment, shopping, high demand jobs, etc. Also a short drive to popular attractions in the state. Factor in these criteria when choosing a location for your rental property.
Reno, Nevada is currently in an area of higher than normal growth. As a result demand for rentals are high and rent prices continue to go up each year. You will be able to maximize this trend if your rental is located near high value areas.
Cash Flow & Growth Potential
One of the biggest factors when it deciding what makes a rental property great, is the ability for in to give high amounts of cash flow and high growth potential. A property with positive cash flow and little expenses each month is ideal.
Look if your investment has potential for growth. This will help sustain it value and continue to maximize growth. As mentions above location is important in real estate. If it is located in a good area, it will increase your chances for growth overtime. You will be able to raise rent over the years as your continue to pay down your loan or mortgage on the house (if you have one on the property). Either way profits will go up because of rent increases.
Great rental properties are always in excellent condition. It will be a good idea to buy a turnkey rental if you can find one at a reasonable cot. Otherwise you might have to complete a few renovations. Do not worry if you are unable to do this upfront. Analyze the rental to determine if it has potential to be updated and increase value down the road. See if upgrades will increase the value of the rental. Focus on the kitchen, bathroom and flooring.
This might seem like a lot of money, but it will be worth the cost done the road. Your rental will have more appeal and less maintenance cost for you. Tenants are willing to pay more for a high quality rental. Also again, tenants will call you less to fix items if the place is in good condition. This is one of the many reasons turnkey rentals are become more popular in the Reno, Nevada area.
If you want to maintain your investment, maximize income and protect you and your property, you should hire a property management company in Reno, Nevada. If your rental is under performing, a good property manager can turn your investment into a cash flowing machine. Good management is what makes a great rental property stand out from the rest.
If you area looking for a property management company in Reno Nevada, give our office a call or email today. We will help determine if a rental if worth the purchase. We can even increase your profits each month. Protect your most value able investments.
The perfect rental property is worth more than you paid for! In order for you to do this, you will have to find one that is of market and at a great price. If you need assistance with this let us know. We are able to find great off-market properties at great prices. You can also buy your rental as a distressed property and put some money in it.
If you’re in the right place with the right demand, your property value should rise slowly and make a big profit in the future! Just make sure you hang on to it for more than a year to build up your equity. When this happens, it’s a great exit strategy if needed.
Continue to look at the market trend for all your rental properties. Makes sure you are keeping up with the rental rates and property values in the area. This will help make as much money as possible for your property to be a great rental property. This will also let you know when you have the best time to sell your investment. If the market starts to turn down, you want to make sure that you sell your rental property while it still makes you a profit!