Congratulations on entering the rental market in Texas! The state has three of the largest housing rental markets in the country. Whether it's a house, condo, or apartment, you've joined a large, competitive, complex club.
You need to figure out your next steps now that you have your new rental property. As a new real estate investor, you might not know where to get started with property management, advertising, or other common issues.
This article should serve as a starting point on your new journey. Keep reading to learn how to get the most out of your investment in a new rental property.
A Real Estate Investor Can't Do It Alone
Even if you consider yourself a master of all work, you need a team. You have limited time in your day, and you will have areas where you excel. It's important to find professionals to take care of areas that challenge you.
A sloppy tenant screening can lead to a poor fit for the property. Not knowing who to call in the event of a maintenance problem can make small damage into big damage. You'll build some contacts over time, but you need to make a few connections right away.
Property Management Team
A property management company can help you handle the day-to-day issues that come up with running a rental property. The company can offer you landlord advice, take care of tenant screenings, and handle some basic maintenance issues.
Property managers also handle a lot of day-to-day operations. Collecting rent and dealing with tenant issues also fall under the purview of a property management company.
If your unit has an electrical issue, it can lead to major problems like fires and blackouts. That's why you need to build a good relationship with an electrician immediately.
Don't underestimate the potential negative effects of a burst pipe or overflowing toilet, either. If you want your rental property to stay habitable, you'll need a solid plumber. The more properties you have, the more partners you will need.
While your property management company can provide some advice, the best place to get landlord advice is other landlords. Whether you connect with them in person or online, you'll do much better with your real estate investment if you make connections.
While you can get good general advice by reading blogs and trade magazines, connecting with other landlords lets you drill down on your specific situation. You can get better advice tailored to your situation by talking to fellow landlords one-on-one or in small groups.
You won't become a real estate magnate overnight. While you should have an eye on how to grow your business, you don't want to overextend, either.
Only expand your business past your first couple of properties once you're certain you have a grasp on the field. You'll be able to make smarter investments and have solid properties to fall back on.
Building Your Investment
Good luck with your new career as a real estate investor. While the field can seem intimidating at first, if you rely on others and stay careful with your investment, you can succeed in the business.
Not sure where to find a good property manager? Contact us. We offer residential property management and commercial property management services in the Dallas-Fort Worth area.