Here are the three things you can do to increase your return on investment for a residential property.
If you own a residential property, there are three things you must do in order to increase your return on investment.
First, have a "good buy." This means purchasing a property that will appreciate and one that’s in good condition. For starters, it needs to look like the other homes in the neighborhood and have a good floor plan.
Second, bring in long-term tenants. It also helps to make sure you have a great property management company, but whether you have a property management company overseeing the home or you plan on doing the job yourself, you must reduce your vacancies. Your home should be tenant-friendly and you should offer favorable rental rates. That will help it rent out faster, which will not only keep tenants in your home for longer, but will also keep you happy.
After that, slowly increase the rent so it stays in line with current market rates.
Your home should be tenant-friendly and you should offer favorable rental rates.
There are plenty of ways to make money in real estate, so if you have any questions about this or any other real estate-related topic, don’t hesitate to reach out to me. I’d love to help you.