A Step By Step Guide by GoldenWest Management, Inc
Investing in Las Vegas Rental Property is one of the best ways for you to begin to build wealth and establish long term cash flow for your family.
If you’re thinking about buying an Investment Property for the first time here’s how you get started with buying your first property in a step-by-step process.
Step 1 – Do Your “Homework” First Before Buying
Competition in Las Vegas is fierce among rentals…Its important to ask yourself these questions:
- Where do you want to purchase a rental property?
- What type of rental do you want to buy and why?
- Which neighborhood do you want to purchase a rental property in?
- What is the average rent in the neighborhood where you want to buy a rental?
- What is the return on investment (ROI) you can expect from your rental property?
Step 2 – Get Financing For Your Rental Property
Contact a lender or mortgage broker to get pre-approved for a mortgage loan.
Make sure you speak with at least 2 or 3 lenders or mortgage brokers since mortgage interest rates are the lowest they’ve been in decades and you will be able to get an excellent mortgage interest rates.
Keep in mind that many condo developments will not allow all types of financing, and often only accept cash offers due to loan restrictions.
Step 3 – Create A Plan And Stick With It
Once you know the rental you want to purchase it’s important to create a plan to start searching for rental properties which match your search criteria and not get distracted by other properties which don’t match what you’re searching for in a rental.
Many people fall for homes which have big yard spaces or nice kitchens but then forget to stick with their budgets and if they are unable to rent their Las Vegas Rentals out they end up getting stuck with paying a second mortgage payment for a home they are not even living in.
Step 4 – Hire a Las Vegas Property Management Company
Last of all, but most important, hire a Property Manager to professionally manage your rental property. Do it before you close escrow so they can help market and guide your fix-up questions before you have to start paying the mortgage.
This step will save you the time, money and hassle of having to manage your rental on your own and it will ultimately free up your time to focus on buying another rental and growing your portfolio.
Learn more about how GoldenWest Management, Inc can help you by clicking here to connect with us online or by calling: (702) 685-7696.