Buying and Managing Your First Investment Property
Buying your first Investment property in Boerne is exciting. However, if you’re new to the world of property investment, it’s also a bit tricky. If you want to handle everything properly, here are some helpful tips we have to get you on the right track.
Finding the Right Boerne, Texas Investment Property
With its current population sitting near 18,232, Boerne, TX, isn’t the biggest city. However, it has an exceptional location, sitting just outside of San Antonio. Plus, the city has been growing.
Between 2010 and 2019, the population rose by 71 percent. That’s good news for investors, as it means finding renters for a property may be easier. But even if there is a market for rentals, that doesn’t mean you should buy just any investment property in Boerne, TX. Instead, you need to use the right approach.
First, it’s important to understand that the median home value in Boerne is $482,250. That’s far above the state’s median home value of $257,628. As a result, you may want to assume that Boerne residents expect more from their homes.
Having an open floor plan might be a necessity if you want to attract a renter. Similarly, since 53 percent of renters want a dedicated home office space, you may need to offer that, too.
Consider what local renters will deem a necessity. That way, you can locate a property with the kinds of features thereafter, increasing your odds of finding a reliable renter who’ll quickly pay top dollar.
Handling the Management Aspects
Managing an investment property takes quite a bit of effort. You’ll need to decide if you want to shoulder the work alone and operate as a landlord or if getting help from a property manager makes more sense.
As a landlord, you’re responsible for all aspects of managing the property. From considering prospective renters to addressing maintenance problems, you’ll be the go-to person.
With a property manager, you get to be more hands-off. The property manager will vet renters, accept payments on your behalf, and deal with repair requests. Additionally, they’ll assist with lease enforcement.
The main drawback of using a property manager typically is the price. Getting a reliable property manager might cost you a bit more. However, their expertise can make it worthwhile, particularly if you plan on expanding your property investment portfolio in the near future and could benefit from the support.
Dealing with Exterior Upkeep and Maintenance
When you have an investment property, you have two choices for how to manage the exterior upkeep once you rent it out: doing it yourself or hiring help. While simple tasks like mowing the grass or doing some light weeding are usually easy to handle, other activities aren’t so simple.
For example, if you have dead trees, you’ll need to remove them. Dead trees are a safety hazard that could harm someone or damage your property, so you want to address the situation quickly.
However, removing dead trees is incredibly dangerous, so it’s best to hire a professional. They’ll have the tools, gear, and safety equipment to take care of the situation.
Tree removal usually costs between $150 and $2,000, depending on the size of the tree, its proximity to your property, and other factors. Since that’s a significant investment, you want to get the right person for the job. Search for tree removal services near you, then spend time reading online reviews and testimonials and get a free estimate. Next, make sure the top contenders are licensed, bonded, and insured. Then, get upfront estimates from at least three contractors.
Along the way, find out if stump grinding and disposal are part of that price. That way, when you choose a contractor for the job, you know exactly what you’re getting.
Contact us today if you’re ready to take the plunge into real estate investing!
