So you've bought your first Virginia Beach rental property. After the feelings of excitement wear off, you may be wondering - what happens next?
Before you can market to the one in three VA households that rent their homes, it's important to learn how you can enhance your future investment journey. Read on for some tips and tricks that every real estate investor should know when getting started.
Evaluating Your Property's Value
The first thing to do after purchasing real estate in Virginia is to evaluate what it's worth.
A professional inspection will look into its features and amenities. They'll compare your property's virtues with others in the area and determine how much you can reasonably charge in rent each month.
Experts will also offer insight into beginner real estate investing and give you tips on how to maximize the value of your investment. You'll learn what add-ons can bring long-term value and what you should change to increase your passive income.
Investing in Maintenance and Cleaning
Once your property's ready for rent, it's time to get it clean and inviting for tenants. People don't want to live in dirty or cluttered properties. Exposed electrical cords and outdated appliances can also make your unit less competitive.
Get maintenance and professional clean-up crews in the unit. This may sound hard, but property management companies have pre-existing contracts with these experts. They're pre-vetted, so you as a real estate investor don't need to waste time looking for and researching contractors.
Marketing to Tenants
Whether you're an accidental landlord or someone actively creating a portfolio, marketing is critical to your success in the rental market. To showcase your property effectively:
- Take photos of each room, including close-ups
- Make sure to capture multiple angles
- Upload them onto a professional-looking website
- Encourage people to zoom in on the best features in the unit
- Incorporate virtual touring property for interactive online assessment
- Tailor your listings to the exact income bracket your renters will be in
Property managers can help you create comprehensive and engaging listings.
Building a Portfolio
Once you rent out your first property in VA, it's time to start building a larger portfolio. Diversifying with several rental and commercial investments has a wide range of benefits, including:
- Risk adjustment
- A hedge against inflation
- Consistent cash flow due to fewer vacancy opportunities
- The ability to thrive in multiple market conditions
- Various investment timeframes for consistent income
Over time, if you grow steadily, you'll turn a higher profit. You can reinvest your income into more real estate to grow even further.
Become a Top Real Estate Investor in Virginia Beach
Now that you know what comes next after your first purchase as a VA real estate investor, it's time to learn more about the nuances of your newly acquired property.
PMI S. Hampton Roads is committed to helping new landlords navigate the Virginia Beach rental market with informed ease. We offer investment property tips for both first-time and seasoned investors and property advice that can boost your profits.
Request a free rental analysis today to make the most of your real estate investment.
