Around 71% of Pennsylvania residents own homes, while the remainder rents primarily. Many homeowners also own rental properties. Some own one, while others start with one and gradually add more.
If you recently purchased a rental property and are wondering what to do next, congratulations! You're in the right place. There are plenty of great steps you can take next as a real estate investor.
Continue reading to learn some ideas about rental properties in Pittsburgh.
Set Up Your Business Structure
Owning a rental property makes you a business owner, and you can encounter risks with any business. Therefore, you should set up a business structure for your real estate investment.
A business structure protects you from potential risks, and you can set one up yourself or with an attorney's help.
Prepare the Property for Tenants
Once you take ownership of your first property, you must get to work. You'll need to:
- Make any necessary repairs
- Update outdated parts
- Ensure the unit is safe and meets the Pittsburgh rental guidelines
Some properties might need very little work, while others might need more. Make sure you have enough funds to pay for these repairs and updates when purchasing the property.
Determine Your Rental Strategy and Terms
Next, you must consider your first rental strategies before going any further. You can seek investor guidance in Pittsburgh if you need ideas or research them yourself.
The goal is to find the best Pittsburgh rental tips to apply to your property. For example, should you require a one-year lease or offer shorter ones? How much should you charge?
These are just a few decisions to make with your property before going any further.
Market the Property
Once you make these decisions, it's time to market the property. You can list it online on advertising sites or on social media. You can also hire a property manager to assist with this task.
Screen Your Tenants
After marketing the property, the inquiries will begin coming in. Once this happens, you should screen each applicant by checking their:
- Credit score
- Criminal record
- Income and job
- Rental history
Choosing the best tenant makes your job easier and may encourage you to purchase more properties. This strategy is helpful for investment property growth.
Consider a Long-Term Plan as a Real Estate Investor
Consider hiring a company that offers real estate management in Pittsburgh if you'd like to grow your business and add more properties to your portfolio. Property management firms help property owners like you.
They offer:
- Management duties
- Bookkeeping assistance
- Repairs and maintenance
Portfolio management can help you grow your business at your pace and boost your profits.
Seek Help for Your Properties
You'll have a lot to do as a real estate investor if you want to grow your business. However, you must start with the right steps, which often means seeking help from a professional.
The Burgh Property Management can walk alongside you and help you manage and grow your business. We are locally owned and operated and have over 20 years of experience in this industry and in Pittsburgh.
We can help you with your first property and more. Reach out today to learn more about our services.
