How to Make Money from Property Investment
One of the most common questions that first-time investors have when it comes to owning real estate is how to make money from property investment. At Coakley Realty, we’ve been successfully managing investment properties—both our own and our clients’—for over two decades. We understand what renters in this area are looking for and we know how to make investment properties a financial success.
How to Make Money from Your Property
After purchasing your investment property, there are a few steps you need to take before you can start raking in the money.
Step 1: Hire a property manager!
The best thing you can do to ensure you’re making as much profit as possible from your investment property is to hire a property manager. Our team has been successfully managing properties throughout the DC Metropolitan area for over two decades, and we have the experience and knowledge to help make your property thrive.
Step 2: Set up a renovation budget.
Most properties are going to require some renovations or updates before they’re ready for those high-ticket tenants. You’re probably going to have to make some minor (or major) renovations to the house in order to make the maximum profit. Our property managers can help you figure out which renovations are going to give you the best bang for your buck, such as new ENERGY STAR windows, landscaping, new carpet or flooring, and more.
Step 3: Get bids for renovation work and get started.
If your investment property is going to require a little more than paint and a new garden, get bids for your renovation work. Your property manager will help you by providing names of companies Coakley Realty has had success with in the past so you can get multiple bids for the renovation work. Once you’ve selected a contractor, let the renovations begin!
Step 4: Market your property and select a tenant.
If you’re asking “how to make money from property investment,” this is probably the first thing you thought of—finding a tenant that’s going to pay top-dollar for your property. However, only once you’ve gotten your property ready can it be marketed. At Coakley, we know this market inside and out, so we can help you market your property effectively. And once tenant applications are being submitted, we know what to look for in a quality tenant.
Step 5: Draft a lease agreement.
Unless you’re familiar with fair housing laws and regulations, and are an expert at drafting a binding lease for you and your tenants, this one is better left to the professionals. We’ll draft a lease agreement that is not only legally binding but financially beneficial for you.
Step 6: Maintain the property.
Once your tenant is all settled in, all that’s left is maintaining the property—and Coakley Realty can do that, too. We can handle rent collection, repairs, and more!
Find Out How to Make Money from Property Investment—Call Today!
If you want to find out how to make money from property investment in MD, VA, and DC, the first step is picking up the phone and calling the experts at Coakley Realty (301-340-8700)! We can help you ensure your investment properties are financially successful and well-maintained. Contact us today!