If you’re wondering how to make the most of your property investment in Jacksonville, FL, it’s important to establish your goals and partner with the best professionals in the industry to ensure you are successful.
Before you buy, sell or hold rental properties in the local Jacksonville market, you need to define your investment goals. Perhaps you have a specific amount of rental income you’d like to earn, or you’re investing with the goal of soaring long term returns. The types of properties you select will depend on these goals.
After you identify your goals, hire a real estate agent who is experienced in buying investment properties. Before signing a contract, ask about the Realtor’s history with investment homes. Ask how many properties investors have bought with that agent’s help and talk about what you’re trying to accomplish.
Professional Property Managers
A real estate agent can help you buy a property, but you’ll need a good property manager to help you strategize and manage it. Property managers can give you a good idea of how much rent you’ll be able to collect and what types of tenants you are likely to attract. Visit the National Association of Residential Property Managers (NARPM) to get a referral for a property manager in your area. Managers belonging to that organization are up to date with the best practices in the industry and they receive ongoing training in laws and requirements.
To be a successful investor, you’ll need to surround yourself with local professionals who can help you maintain your property and preserve its value. You’ll need an attorney who can help with closing your deal and liability matters that come with being a landlord. You will also need to put together a list of licensed and insured contractors who can perform work on your rental property when necessary. You’ll need to hire cleaners, repair people and technicians who can provide routine inspections and maintenance.
Plan on spending two or three months between buying the property and getting it rented to a high quality tenant. Contact Collins Realty Services and Property Management for help with the investment process.