Tampa Residential Real Estate Investment – 5 Tips for the Smart Investors

06:04 | Labels: , , , ,

Being in the industry of residential property management Tampa Bay for more than 20 years we have managed thousands of investment properties for many landlords. Based on that professional and personal experience, I have 5 tips for the smart investors out there. Let’s find out what are these tips:

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  1. A long term view is critical – Residential real-estate in Tampa is a great tool to build money over the long run. I have owned some of my properties in Tampa for over 20 years, and the values have augmented while my renters assisted me pay off my credit and that has amplified my equity.
  2. Good renters are important – Without a good renter nothing will work. No amount of good land lordship or management will make up for a poor occupant. Price your possession right, and perform a meticulous background check on all applicants. That will assist you get in touch with a good renter. Do not overprice your property or get frantic & accept somebody who does not fulfill your criteria. That will only guide to a poor experience.
  3. Keep good renters – As real-estate investor, losing a renter cost money. Any time you have a vacancy, you have to pay to get a new renter. You have to get the home ready to lease again. It may cost between 2 and 5 months of rental earning when your renter changes. So, do everything possible to keep the good renters you have/ treat them with respect and be approachable to genuine maintenance worries. Don’t ever think about losing a great renter over a rental fee increase.
  4. Safeguard yourself from liability – Ignore liability! Make your property secure for your renter & have good insurance coverage. If you want to appoint a company that handles residential property management in Tampa Bay, don’t go for the cheap one; choose one who will run your property with the lowest liability profile feasible.
  5. Operate as a  business –Do not get sentimentally involved with your renters or your Tampa Bay property. There will always be some turmoil over time; it comes with the territory. A renter might infringe a contract & do midnights move out. Sometimes, you just need to thrash your wounds & move on. Treat your property like a business!
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For dependable residential rental service in Tampa Bay you can always count on Simply Property Management. Whether you need help to sell or buy a property in Tampa Bay or find the most suitable Tampa Bay residential rental service, our high standard property management solutions will be effective.

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Posted by Simply Property management-Paielli Realty, Inc.

Why Invest On A Single Family Property In Clearwater?

04:03 | Labels: , , ,

Are you wondering what type of rental property to buy in Clearwater? Are you interested on a single family property? Well, in this article we will talk about both the advantages and disadvantages of single family properties. By single family, we mean single family homes, condos and townhouses. They are not multi-family properties. I have owned both single family & multi-family homes over the last 20 years, and during this time we have also provided property management in Clearwater for hundreds of properties like that for landlords.

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Pros of owning single family properties:

Characteristically, your renters are going to stay much longer when you own a single family property. We discover that on average, they stay 2 times as long as they do in multifamily properties. This maintains your cash flow because unnecessary vacancies don’t bring you money. As a property owner the best thing you can do is keep a renter for more than one rent terms.

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Single-family homes are appealing to renters, so when they available on the market, they rent fast. In fact, they rent two times as fast as multifamily homes do. Another surprising thing that may astonish you is that legal fees related with single-family homes were pretty reasonable.
Cons of owning a single-family home:

Single-family properties have higher upkeep fees. That is because there is no economy of scale. If you have single-family homes, someone should drive all over town to service them, whilst if you have a fourplex, all your units are right there; you have one roof & one yard.

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Another concern with single-family property investment is that there is less uniformity with cash flow. If your renter vacates, there is no cash flow. However, with multifamily properties, a vacancy in one unit levels out because profit is still coming from other homes in the building. So, always have a rainy day fund if you want to purchase a single-family property. You never know when a renter will leave suddenly or you will require a new air-conditioning system.

You are usually going to compensate more for a single-family home. That is because you are competing with other owner dwellers who wish to dwell in that property. They might be keen to pay more than you are keen to pay on an income property.

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We believe single-family properties are wonderful investment for anybody; whether you are veteran or just a starter. If you wish to invest on a single-family home, talk to your property management company in Clearwater before you purchase. From them you can get useful info like how much rent you will earn how long it will take to get a tenant, and what type of expenditures you have to be ready for. In fact, having the luxury of a reliable property management service is a useful asset from every perspective.

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Posted by Simply Property management-Paielli Realty, Inc.
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