What Should You Do After Purchasing A Rental Property?

Are you planning on purchasing a rental property in San Diego, Phoenix, or Las Vegas? If so, you’ve come to the right place!

Like most new Real Estate Investors, you’re excited about purchasing your first investment property but, once the excitement where’s down, you’re most likely going to ask the question: what should I do next?

In this article, we will answer this question and provide you with some things to do after purchasing your first rental property.

#1 – Get The Property Inspected

The first thing that you should do after purchasing your first rental property is to have it professionally inspected by a contractor or handyman. This step is important because you want to know what condition the property is in and verify if there are any repairs or renovations that the property needs before you can rent it out to your first tenants.

Depending upon the age of your rental property, it may only need a coat of paint before you can start running it but, if it needs extensive repairs and renovations. You should prioritize those repairs and spread them out over the course of one year, that way you can get your property into cash flow and have money coming in to cover those repairs over time.

#2 – Hire A Professional Cleaning Company

After purchasing your first rental property and hiring someone to make repairs or renovations, the next thing that you should do is hire a professional cleaning company to give your rental property a thorough cleaning.

Cleaning a rental property from top to bottom is important because, you just don’t know how well the property was maintained in the past and, you want to provide your future tenants with a clean, safe, and sanitary rental property before you rent it out to them.

#3 – Take Photos And Video Of The Rental Property

Once you have the rental property professionally inspected and cleaned, the next thing that you should do is either hire a professional photographer or use your camera phone to take pictures and video of the rental property.

This step is important because, in this day and age most people will inspect a rental property online by reviewing the pictures and video before they actually choose to tour the property in person so you want to have the best possible representation of your property available online because this will be was responsible for generating interest among prospective tenants.

#4 – Hire A Property Manager

Although you may be prepared to manage the rental property yourself, the most important thing that you should do before renting your first rental property is to hire a professional property management company like GoldenWest management to manage that property for you.

Property management is important because, it will save you the time, money, and hassle of having to manage that rental yourself.

Many investors make the mistake of managing their first handful of rental properties themselves, only choose to hire a property manager after they’ve become so busy that they no longer have time for themselves. Don’t let this mistake happened to you!

Learn more about the services that we can offer you contact us today by calling (866) 545-5303 or click here to connect with us online.

 

GoldenWest Management
Investment Property Solutions
CA LIC# 071791904