What to Do After Buying an Investment Property
Are you planning on buying an investment property in Southern California? If so, buying an investment property is a smart decision to make because Real Estate is still the best way to build wealth in this day and age.
In this article, we will provide you with a list of things to do after you purchase an investment property so that you can get the property rented fast and producing cash flow.
Step 1 – Renovations and repairs
The very first thing that you should be doing on day #1 after closing on a rental property is have your contractors and handyman show up at the property to give you estimates on repairs or renovations.
Depending on the age and condition of the rental property, it may just need a coat of paint on the interior of the property to get it ready for rent.
There could be other capital improvements that your property may need as well so it’s best to prioritize renovations and put your money into projects that need to be done right away while setting a timeline to get bigger renovations done over a period of months or years.
Step 2 – Professional cleaning
After the renovations and or repairs have been completed on your rental property the next step is to get the property professionally cleaned.
This step is important because if a potential renter encounters a dirty rental property, they may wonder what else is wrong with the rental after visiting it, and they could continue searching for other rental properties instead of renting from you.
A professional cleaning will also save you the time of having to clean the property yourself and ensure that everything from the baseboards to the top of the refrigerator are 100% clean.
Step 3 – Market the property online
To market your property online you will need to take pictures and video of the property then publish rental listings on websites like Craigslist, Facebook, and Rent.com.
Hiring a professional property management company is the best thing that you can do shortly after purchasing a rental property because a property manager will save you the time, money and hassle of managing your rental property yourself.
Besides listing your rental property online, a property manager will also provide you with a variety of other services including: rent collection, maintenance, customer service, accounting and more.
Contact the Fred Sed Group
At the Fred Sed Group, we specialize in Southern California Real Estate and are your best resource for sourcing, acquiring, and managing rental properties.
To learn more about the things you should do after purchasing a rental property, or to view a list of investment properties in Southern California, contact us seven days a week by calling (800) 921-9231 or follow with us online.