Buying rental property is a great investment strategy because it provides nearly instant cash flow and can build equity faster than other investment types. However, before you jump in, there are a few things you should know about buying an investment property. If you don’t invest wisely, you could be setting yourself up for the unnecessary risk. Making smart decisions about your initial investment means you will see your investment succeed for years to come. Our Company is one of the top Atlanta property management companies because we help investors make smart decisions from the very beginning. Read below to find out how you can choose the best rental property in Atlanta.

How to Choose the Best Rental Property in Atlanta

Choosing a rental property is different than choosing a personal residence. That is why when you are searching for a rental property you need to keep some general tips in mind. Rather than picking a home that would fit your own personal needs, you should pick one that will meet the needs of a wide variety of individuals and families. In addition, remember that owning rental property is about the long-term investment, not about what is trendy right now. After over 30 years managing single-family rental homes we know what features make for the most attractive rental properties, leading to long-term investment success.

Location

Location, location, location, that’s all you need to know about real estate right? It turns out this old adage is true when it comes to managing rental property as well. Successful Atlanta property management companies know just how important location is to tenants, especially tenants with families. The location of your property will ultimately determine how much effort it takes to manage it. Before you begin your search take note of these tips.

Neighborhood

Atlanta and the surrounding cities, such as Alpharetta or Sandy Springs, are great places to buy rental property. However, the specific neighborhood you buy a rental in should have several key characteristics. First, the area you buy in should have low vacancy rates. This means your home is less likely to sit on the market for a long period of time. Second, find a neighborhood with high rental rates, so you can get the most out of your investment. High rental rates compared to purchase price will mean greater profit. Finally, look for a neighborhood where the home values are going up. Owning rental property is a long-term investment, but you should be confident that when you decide to sell you will make a profit. Not sure how to find a property that fits all these characteristics? Experienced Atlanta property management companies have the local expertise you need to choose the right area to invest in. Before you get started contact one of our property managers for advice.

Schools

Proximity to good schools is a must for many families with children, or couples who are planning to have children soon. In fact, many families choose their rental home based solely on the school district. That is why, when you are buying a single-family rental home, the school district is a top priority.

Transportation

Is the rental property close to public transportation? Depending on the neighborhood, public transportation can be a dealbreaker for tenants. If residents in the neighborhood don’t rely on public transportation make sure there are adequate parking spaces so tenants do not have to park on the street.

Shopping and Amenities

Where will your tenant go when they want to grocery shop, eat out, or spend time outside? Certain lifestyle amenities attract more renters. Shopping centers close by mean your tenant will have everything they need without a long commute. Restaurant choices should include fast food, take-out, and sit-down restaurants. Potential tenants also look for green spaces nearby to enjoy with their pets and families. Atlanta property management companies can help you find neighborhoods in the area that are popular because of these amenities.

Regulations

Federal, state, and local housing rules will have a big impact on your bottom line, especially if you violate them. While Federal housing laws apply equally to all neighborhoods, local rules and HOA regulations will differ even for properties a mile apart. One of the best things you can do before you purchase a rental property is to research the local housing rules and regulations, including the fines and penalties for breaking the rules.

If you plan to buy rental property in Atlanta or one of the surrounding cities, you need to know what you’re getting into before you purchase a rental property. That’s one reason it is important to work with an experienced real estate agent and property management company. Local expertise provided by these professionals will help you choose a neighborhood without restrictions that will prevent you from renting out your property in a timely manner. Or, if you already own rental property, working with one of the top Atlanta property management companies will help you avoid violations and fines.

Home Features

After you narrow down the area you want to buy property in, how do you choose the right house? Several features will make finding tenants easier, allow you to charge higher rent, and make tenants more willing to sign long-term leases. Considering your purchase from a property management perspective will help you decide which home to buy. Here are the characteristics that make for a great investment:

• Find a property that will bring in $1,100-$1,700 in rent. Look for comparable properties nearby for average rent rates.
• At least three bedrooms.
• Two or more full-sized bathrooms.
• Fenced-in yard. Many families with small children or individuals with dogs will only rent a home with a fenced-in yard.
• Standard floor plan without much customization.
• Less than 15 years old.

What characteristics make property management more difficult? As one of the top Atlanta property management companies we recommend avoiding single-family homes with these features:

• Less than 1,000 square feet.
• Located on a busy street, especially if the yard is not fenced-in.
• No master bathroom.
• Overly customized home. Even if you like the customizations they may not appeal to a wide variety of potential tenants and end up increasing vacancy days.
• An unusual layout, such as one requiring tenants to walk through a bedroom to access the backyard.
• Over 25 years old. Older homes typically need more maintenance, increasing your costs.

I Already Own an Investment Property, Now What?

Whether you bought your property with plans to rent it out, or you’re simply turning your personal residence into a rental property, you will soon learn managing rental property is a full-time job. Any property can be a successful rental property with the right management. Every stage of the rental cycle takes work, and rewards those with knowledge and experience. And unfortunately, many property owners put their investment at risk by making common mistakes.

As one of the top Atlanta property management companies, we have the skill and expertise you are looking for. We have helped countless property owners around the Atlanta Metro area turn their investment into a success, without the hassle and risk of self-management.

Think it’s too good to be true? Read what a few of our owners have to say about their experience:

“As a landlord who has experience managing properties for several years this is the best experience I’ve had with a property management company. Every step along the way, the communication was efficient and smooth. And, my house was leased out within one week! I live out of state so having a team I trust is especially important.”

“I was on the fence about whether or not I needed someone to help me manage my rental homes. After I realized the difficulty of doing so on my own, I decided to hire a management company. I had gotten many referrals and am so glad I found this one. They are true professionals- extremely efficient and courteous. It was a seamless transition and SO worth the money…  I would highly recommend them to anyone that is considering a management company. A+”

“This is an exceptional full-service management company… They consistently deliver top-care to my home and tenants, and is a huge part of my investment home strategy. The best part is that they make it easy on me when it comes to service via their online reporting portal or with prompt handling of complex issues with tenants.”

Not all Atlanta property management companies provide the same level of expertise you’ll find from Our Company. When you decide to purchase an investment property you’re taking a risk with your financial future, and signing yourself up for the rollercoaster of issues that comes with managing rental property. But, when you trust our team of experts you can reduce your risk, and never again worry about the hassles and headaches of self-management.

Don’t wait to get started. Call our offices today for a professional management quote.