You hear a lot about cryptocurrencies, but there's only one investment that's withstood the test of time, and that's real estate. That's why there are over 22 million landlords in the US renting out over 45 million units!
If you want to invest in real estate, Dallas is a great market to join, but only if you know what you're doing. Luckily, we can help with that. Let's talk about some real estate investing tips to get you started!
1. Take Your Time
You can't just buy property and call yourself a real estate investor. Take your time and find the right property for your needs. The two most important factors are the health of the property and its location.
Whenever you start your search, have a reputable and thorough inspector on-call. You're going to want them at a moment's notice to tell you about any potential problems with the building. The last thing you want is to start renting out a property after closing only to need a new roof shortly after.
Also, you need to find an emerging or stable market. If the neighborhood falls, so does your investment. Dallas is a big city with a lot to offer, but no neighborhood is entirely safe.
Look for reliable areas with fast access to public transportation, major highways, or other permanent amenities for the safest bet!
2. Do Your Diligence
Find a real estate agent with experience in rental properties or the type of investment property you want to pursue. Also, crunch the numbers on each property to ensure that, even on the high end of your estimated expenses, the income will work out in your favor. Rent prices are going up across the country, but so are homeowner's expenses!
3. Screen Tenants Thoroughly
Tenants are another factor, like the location and building, that can cause serious damage to your investment. One bad tenant could cost you thousands of dollars in income, repairs, and more.
It's always best to screen tenants for criminal background, rental history, and credit history. If you want to ensure they can pay the bills, income verification is also a great vetting tool!
4. Have the Right Help
If you want help with finding tenants, screening them, budgeting, and all of the day-to-day work that comes with being a landlord, then you'll need an experienced property management company. The right team can turn your investment from a job into fully passive income for only a small portion of your rent. In many cases, they can even help you earn more by setting the right prices, budgeting, and more!
Start Your Real Estate Investing Journey
Now that you know how to get started with real estate investing, put these tips to use and find the Dallas property of your choice. Just make sure you have the right help and you'll secure your investment for the long run!
Stay up to date with our latest news for Dallas real estate investors and feel free to contact us with any questions or for help with your investment strategy!