Wednesday, July 26, 2017

Should I Invest in Rentals Out of State?

Should I Invest in Rentals Out of State?
By Enrique Jevons
Another property management question that’s been commonly been asked by investors over the years is if they should invest in rental properties that are located out of state.
This is a great question to ask because thanks to the internet every investor has the ability to research a rental property online and learn more about the area where the rental is located without having to take the time to visit it in person.
The answer to this question is yes, you should consider investing in an out of state rental property but, you should answer these questions first before making this investment.
Do You Already Own Rental Properties in Your State?
This question is important because you don’t want to make your first rental property an out of state rental unless the rental property is a move in ready.
Why? That rental property may need renovation, and there’s nothing worse than having to manage renovations at a rental property when you’re out of state. Especially if you don’t have a property manager or team in place to help oversee those renovations.
Do You Have Experience as A Landlord?
In today’s Real Estate investment world many people think that owning an out of state rental property will be as easy as point and click but the truth is if you don’t have landlord experience already, and you plan on managing that out of state rental yourself, you may find that it will be more difficult than you imagined.
When you self-manage a rental property, you have to be ready for calls from tenants at all hours of the day (or night), maintenance requests, and other issues that will make out of state management difficult if you’re managing those rentals yourself.
Without a property management team that you can trust, managing an out of state rental will also require you to have a local vendor matrix so you will know who to call when problems arise at your rental property and you should also be able to either drive to your rental or fly out at a moment’s notice to oversee major repairs if they are needed.
Having a property management company, you can trust to manage your out of state rental will make the process of being an out of state property owner easy because you will have someone that you can trust to manage things like marketing your rental online, tenant selection and maintenance so you can continue focusing on building your portfolio of rental properties.
Make Sure You Hire a Strong Property Management Team
Regardless if you plan on investing in rental properties in Washington State, or elsewhere in the world, make sure that you hire a property management team that’s experienced with managing rental properties in the area where your rental is located.
When hiring a property manager make sure that you hire a company that has verifiable experience online. You should also find out how many rentals they currently manage, confirm their monthly fees, verify how they handle maintenance issues and make sure that they actually offer real customer service and not an automated system for dealing with their tenants.

Hire A Property Manager
Do you own rental properties in Washington State and are considering property management? Contact Jevons Property Management today by calling us at (509) 895-7777 or click here to connect with us online.
Washington State Rental Properties by Jevons Property Management

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