Do you have what it takes to be a great landlord when buying real estate in Philadelphia? It may appear to be simple, you buy an investment property, rent it out and then sit back and collect your passive income. But wait, there is much more to the process when you’re an active landlord. We have gathered information from expert investors to delve further into the subject to help you stay on track and successfully manage your investments to increase returns to their highest potential while avoiding missteps. So read on as we explore how to be a great landlord when buying real estate in Philadelphia.
Teamwork
People want their needs met as quickly as possible, so to be a great landlord when buying real estate in Philadelphia, you will need to build a team of reliable service providers to care for your property. Such as a Local Real Estate Attorney, Realtor, Plumber, Electirican, Carpenter, Handy person. Professional buyers like those at Tristate Holdings 167 have spent years networking among investment-minded professionals from every walk of the real estate industry, making connections that pay off for our investors. When you work with professional buyers at Tristate Holdings 167, you’ll have an instant team to make your dream work.
Checklist When Buying Real Estate in Philadelphia:
- Conduct a Local Market Analysis
- Speak with Local Realtors that have sold similar units in the past 3 months to gauge the market and ensure you are purchasing the asset at an appropriate price
- Walk and inspect the property with your contractor and hire an inspector. Inspect the unit for termites, radon and structural issues. Check the attic for mold.
- Have the inspector check the roof either by taking a peek with a ladder or using a drone for aerial footage.
- Inspect all electrical outlets to check for open grounds or reverse polarity.
- Check the foundation and structure of the building
- Check under the sinks for leaks and run the water on all faucets.
- Inspect the Furnance to confirm it is operational.
- If the property is in a rural area make sure to inspect the septic system.
- Call Local Insurance companies to prepare a Landlord Liability insurance policy for the unit upon closing and bind coverage the day of closing
- If you are to proceed to purchase we suggest obtaining a home warranty to cover appliances and certain systems in the property
- Structure your financing unless you are buying the asset cash
- Upon Closing Change the locks, install a security system if you choose, call the local water, gas, oil, and electric companies to put place the service under your name of business name.
Guidelines
People tend to follow the rules when they know them. So, to be a great landlord when buying real estate in Philadelphia, it’s best to start by providing clearly outlined standards in writing that are within the boundaries of local, state and federal laws that you will require of your tenants.
It is a good idea to hire a local real estate attorney to discuss your plans and areas you plan on buying your real estate to ensure you are abiding by all local and state laws.
Professional buyers like those at Tristate Holdings 167 stay on top of the latest guidelines to protect investors. Let the professional buyers at Tristate Holdings 167 help you develop a list of standards for your tenants.
Pre-Screening
Again, working within the boundaries of local, state and federal laws, it’s helpful to have a list of pre-determined questions to ask potential tenants face to face. Their response to your questions can be a helpful guideline to protect your investment and other tenants, making you a great landlord when buying real estate in Philadelphia. Professional buyers like those at Tristate Holdings 167 work with a team of the most highly regarded professional property managers in the business. Let the professional buyers at Tristate Holdings 167 and their team assist you with the nuances of interviews that can make all the difference in the returns on your investment.
Screening
You should have a checklist of processes to screen each tenant thoroughly to be a great landlord when buying real estate in Philadelphia. Professional buyers like those at Tristate Holdings 167 can help you check off your list of to-do’s to put the best tenants in place. When you work with professional buyers at Tristate Holdings 167 and their team, you can rely on a thorough screening process to protect your portfolio.
Last Step
History has much to teach us, and to be a great landlord when buying real estate in Philadelphia, following up on the last step of screening and calling references may be an eye-opening experience. Professional buyers like those at Tristate Holdings 167 make it easy to be a great landlord. You can relax when you work with professional buyers at Tristate Holdings 167. We make it easy to invest in great property, place great tenants and look forward to a great retirement.
Tristate Holdings 167
Tristate Holdings 167 is a team of Cash Home Buyers. We Buy Philadelphia Houses in the following areas, (Germantown Chestnut Hill, Olney, Oak Lane, Roxborough-Manayunk, River Wards, Fishtown, NorthEast Philadelphia,West Philadelphia, North Philadelphia, South Philadelphia, Fairmount, Society Hill, Chester, Bensalem, Darby, Lansdowne, Drexel Hill, Ardmore, Bala Cynwyd, King of Prussia, North Wales, Malvern, Phoenixville, Norristown, Sharon Hill, Mount Ephraim)
If you’re ready to be a great landlord when buying real estate in Philadelphia, the professional buyers at Tristate Holdings 167 and our full-service in-house team of industry specialists are here to help. From locating the best investments to strengthen your portfolio to placing the best tenants, talk to us today about how we can help you with the properties, you buy in Philadelphia, from screening services to property management. Call Tristate Holdings 167 Inc. at 1-(888) 788-7478.