72.5% of single-unit rental properties are owned by individuals. Most of these investors own just one or two properties.
If you've recently bought your first rental property in Raleigh, NC, you may be wondering what's next on your investment journey. Making a purchase is just the beginning and you'll need to put effort into managing it well and taking your next steps as a real estate investor.
Ready to learn more about real estate investing in North Carolina? Here's what you should do after buying your first rental in Raleigh.
Cover Your Bases
Once you've bought your first rental property, make sure you understand it completely and know exactly what it will require of you. If you haven't done so already, carefully assess the property's condition and perform a rental analysis to get a clear idea of its potential rental income.
Be sure all of your bases are covered. Ensure the property has the appropriate insurance coverage and perform any maintenance that's required. You should also look into local real estate market trends and laws and be sure you know how they relate to your property.
Make Property Upgrades
When investing in Raleigh real estate, it's important to consider whether you should make any major upgrades in addition to making repairs. Property upgrades can be beneficial and can help increase the value of your property and how much you can rent it for.
Consider adding more amenities or making some small changes to the property. Doing so can help you get a better return on your investment.
Screen Tenants Carefully
When filling your rental property with your first tenant, do so in a strategic way. Be sure to screen tenants carefully by performing background and credit checks and interviewing them. Choosing great tenants will help to minimize problems with your rental. It will also give you the best chance of finding tenants who will renew their leases later on.
Also, have a solid marketing plan in place to attract a high number of applicants and to get more quality tenants to choose from.
Research Future Investments
Once you're sure you have a great grasp on managing your first rental property, you may want to start considering other investment opportunities. Consider buying another property when the time is right and mortgage rates are ideal.
You may want to use the same real estate investment strategy or consider a different strategy to take a more diversified approach, reduce risk, and minimize landlord stress.
Becoming a Successful Real Estate Investor
If you're a new real estate investor in Raleigh, be sure you know what to do after buying your first rental property. Be sure you're managing your property well before moving on to other investments and diversifying your portfolio.
If you need help managing your property, consider hiring PMI Triangle. With a high level of experience and a trustworthy team, we can help you succeed as a real estate investor.
Ready to learn more? Contact us now to find out how we can help you navigate the Raleigh housing market.
