A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Location, Location,
Location
When
I talk about buying investment property, more and more I talk about the
importance of buying a rental property in a desired school district. I had
someone ask me a few days ago, if it is really that important. My answer is “it
depends”. I push the school district strategy to maximize the investor’s
profits. It by no means is the only strategy that can be used. For example, if
you buy near the ocean, you will not have any issues, for the most part with renting
out your property at a high price, or buying near a golf course. There are a
number of strategies to think about when buying rental property. I just know
that when I rent out property and it involves families, the school district is
a big factor in the rental decision. Many times it will make of or break the
deal.
That
brings us to a great topic; In my business of Property Management in Orange County Ca. I tell people all the time, you should have a strategy when buying investment
property. Like I talked about before, you need to think about owning rental
property as a small business, and just like any business you need to have a
plan.
Here
is a 4 part strategy that may help you get started
Preparation
Meet with a lender
and find out how much you can afford to spend on your investment property. Once
you understand your monthly expense, you will be better able to decide what
type of property you should be looking for.
A large bank may not be your best bet. A small local bank
sometimes is better when it come investment lending. You may want to find a
good Mortgage Broker
Location
Now that you are comfortable with the monthly cost of
your
investment, you need to decide your location. You know how much you need to
rent your property for in order to make a profit, so you need to find an area
that will bring in the amount of rent you need.
Do you
want to be in a good school district, close to transportation or entertainment areas,
in a business district, near the ocean, do you want to buy close to where you
live, so it is easier for you to manage the property?
Type of Property
Now that you know what you are comfortable spending for
your property and you know the location, you now need to decide the type of
property.
Do you want a Single Family Residence, Town Home, Condo,
or a Multi-Family Building?
Necessities and Desires
In my business of Property Management in Anaheim Ca. I ask people how
many Bedroom and Baths do you desire?
Do you need Air Conditioning, or are you near the Ocean
and it may not be necessary.
Do you want any yard area?
You need to list all your desires and then as you look for
properties, you can decide what is desired and what is necessary and find a
property that has the most important features
This 4 part strategy is a good starting point, and of
course being in the business I am, I would be remiss if I did not recommend a
good Realtor to help you through the process. As long as you go into the
investment property business with your eyes open, it can be a great way to
create a nice nest egg!
A.D. Cantelmo Property Management Specializes in Property
Management in Orange County Ca.