How to Have Fun Making Money Through Coastal Virginia Real Estate
Osprey Property Management | July 2021
Coastal Virginia is an excellent place to invest in real estate. However, if you're currently a real estate investor (but not having fun or making enough money), it's time to reevaluate your real estate investing strategies!
Our property management experts have put together a few tips to help real estate investors learn how to find better properties, maximize returns, and enjoy the experience of being a property investor. Keep reading to learn some of our best insights!
Search for the Best Deals
Not every available residential property is a good one for your real estate portfolio. Even a well-kept home with plenty of amenities can fall short of your ROI goals if it's not ideal for tenants or operating as a rental property.
So, if you see plenty of homes on the market—but the numbers don't add up to good investments—how can you find better properties and deals? Try these tactics, including:
Get involved with clubs and networking events. Connecting with other investors, real estate agents, property managers, and industry professionals can help you find off-market properties or shift your focus to ideal homes for your portfolio. In addition, networking is a great way to learn about new opportunities and meet people who can help you succeed.
Look for pre-foreclosure properties. Many investors make good money by buying these properties before they go into foreclosure. You might not see these on the MLS or other listing sites, so work your connections, talk with a property manager, and get creative to find these potential investment properties.
Make sure your marketing strategy is on point. If you want to succeed, you need to let people know what you have to offer. Advertising that you're looking for available properties can help you connect with sellers who might not have listed their homes yet!
After you find good properties and make good deals, it's time to make some money!
Maximize Your Returns
No matter how you invest in Coastal Virginia real estate, maximizing your returns is always a key goal. Here are a few tips to help you do just that:
Screen tenants carefully. One bad tenant can quickly destroy your profits, so make sure you have a solid process for screening and choosing the best applicants. This includes meeting with them in person, verifying their employment and income, and checking their credit score.
Charge a fair (yet competitive) rent price. Don't set your rent prices too high or too low. Find the right balance to attract quality tenants without losing money on each month's rent. You may want to consult with an experienced property manager to get an idea of what rent prices are reasonable in your market.
Keep up with property maintenance. This may seem obvious, but neglecting necessary repairs or updates can quickly eat into your profits. Make a schedule and budget for regular maintenance tasks, and stick to it!
Stay informed about Coastal Virginia real estate trends. Trends change rapidly in Coastal Virginia real estate, so it's important to stay up-to-date on what's happening in your area. This includes following industry news, talking to local professionals, and reading blogs and other online resources.
In addition to these tips, keep track of all expenses and make sure that your monthly rental income covers those costs with plenty of cash flow. Common rental property expenses include maintenance, travel to and from the property, taxes, utilities, and insurance.
Make Sure It's Fun!
Investing in Coastal Virginia real estate can be a great way to create wealth and have some fun in the process. As a rental property owner, you'll never experience two days that are exactly the same! Plus, there are plenty of opportunities to problem-solve, meet new people, build relationships, and be your own boss.
Plus, making money is always fun! When you find a good real estate investment and maximize returns, your increase your enjoyment when experiencing how to create wealth investing in real estate.
As an extra insight, property managers can also tell you that it's more fun to invest in real estate when someone else does the work! Partnering with a Coastal Virginia property management company is an excellent way to spend less time working on your rental properties and enjoy more free time supported by a "truly" passive investing strategy.
Maximize Your Real Estate Investing Experience With Coastal Virginia Property Management
With these tips in mind, you're sure to have a great time making money through Coastal Virginia real estate investing. However, if you're feeling overwhelmed or need some assistance along the way, don't hesitate to reach out to a Coastal Virginia property management company. Our professionals have the knowledge and experience to help you make the most of your investment and real estate business!
Osprey Property Management helps investors find the best properties, make great deals, and optimize returns. When you're ready to stop working so hard to make money from rental properties, reach out to learn more about our property management services!
Our free resource helps investors build their knowledge! Download a copy of “How To Invest in Real Estate: A Guide.”