CONSIDERING HOW INVESTMENT PROPERTY OWNERSHIP COULD CHANGE YOUR LIFE?
What Investors Can Expect
So you’re considering jumping into the world of investment property! I know I caught the bug more than 17 years ago and haven't looked back.
There is much more to consider and at stake when buying and selling investment properties compared to traditional residential real estate -- which is why I’m here to coach you through every step to make sure you don’t miss any details or opportunities and you do maximize your goal-specific investment.
If this is your first time purchasing for pure investment purposes, click through the icons to learn more about what you might expect in the process.
Closing & Property Management
If you have come this far, then this means that it is almost time for a “congratulations!” There are just a few loose ends to tie up.
Final Walk-Through Inspection
More of a formality than anything else, the final inspection takes place a day before, or the day of the closing. You will visit the property to verify that everything is in working order, is the same as when you last viewed the property, that there are no extra items left behind, and that everything included in your purchase is still at the property.
Home Services and Utilities
Your agent will provide a list of useful numbers for the activation of home services and utilities after the closing occurs.
Closing
The closing agent will provide all parties involved with a settlement statement, which summarizes and details the financial transactions enacted in the process. You and the seller(s) will sign this statement, as well as the closing agent, certifying its accuracy.
If you are obtaining financing, you will have to sign all pertinent documentation required by the lending institution.
If you are unable to attend the scheduled closing, arrangements can be made depending on the circumstances and the notice received.
If you are bringing funds to the transaction, you can elect to either have the funds wired electronically into the closing agent’s escrow account or bring a certified bank check to the closing in the amount specified on the settlement statement.
The seller will arrange to have all property keys and any other important information for you at the closing so that you may receive these items at this time.
The contract terms will determine when you/your future renters can move in after closing. In most cases, it will be immediately after the closing appointment.
Post Closing
Now the fun begins! Watch those monthly rent checks come in!
To Manage or Not to Manage
There are many things to consider when deciding whether to manage your own investment property.
Do you travel frequently either for work or personal, are you handy, do you feel more comfortable separating yourself from your Tenants, is maximizing your profit most important?
Do you know what terms should be in a lease agreement, are you familiar with landlord and tenants’ rights?
I can educate you on the important aspects of jumping into Property Management. If it’s not for you, I will gladly get you in touch with the Red 1 Property Management team!
Ready to take on the worthwhile endeavor of investment property ownership? Contact me and I’ll make sure you don’t miss a beat.
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