As a real estate investment buyer, it’s important to stay current with the latest rules and regulations. As we have recently seen, governing agencies can enforce eviction bans once a region reaches specified levels of concern. Managing your real estate investment portfolio is a business just like any other. As such, it is imperative to your success to keep your finger on the pulse of the Columbus real estate market. You’ll want to be prepared, especially when dealing directly with tenants and property matters every day. Instead of reacting to issues, proactive landlords can often prevent troublesome and expensive situations.
With this forward-thinking approach to buying property, we’ve gathered some vital information Columbus investment buyers need to know about the eviction ban. Currently, the CD’s eviction ban has come to an end. However, rules vary from state to state and county to county. Check with your local jurisdiction to find out if there is currently an eviction ban in your area.
Screening Your Tenants
When considering the eviction ban or the possibility of another one, landlords must have their screening process in tip-top form. The method you use to pre-screen, screen, and approve or reject the applicants must be thorough, paying attention to the smallest details. Be sure to comply with all local, state, and federal laws, especially regarding discrimination, to protect yourself. You should have specific standards in place that tenants must meet to qualify for your rental units. For example, they shouldn’t have had any evictions in the past and their income should allow them to easily pay the rent each month. Many landlords make the mistake of skipping the reference checks only to regret it later on down the road. Make it a point to speak with former landlords, employers, and personal contacts. Prospects who pass these qualifiers who also have a steady and reliable source of income are likely tenants who’ll care for your property, cause little or no headaches and pay rent promptly. You shouldn’t have to worry about them trying to stay in the home for free.
Buying in the Right Location
When it comes to buying investment real estate in Columbus, it’s all about the location. Owning a property in the right spot will make all the difference in whether or not your investment is a successful one. Purchasing in the best possible area is a surefire way to attract high-quality tenants. We can help you learn all about the Columbus area, ensuring you are buying an investment property in a neighborhood of value. Our team will provide critical information to help guide your decision, including vacancy rates, market trends, and all of the latest statistics. You’ll learn about the crime rates in the area, and these will clue you in on the desirability to potential tenants. Schools with high ratings attract families that will likely become long-term tenants. By looking at the current rental rates, you’ll be able to ensure you turn a profit with your investment property. Keeping abreast of the growth in Columbus and staying current with planned developments can help clue you in on where to buy. Areas where enhancements are being made, such as future shopping, parks, or schools will add long-term value, which equates to appreciation.
Finding the Best Property
After determining where to buy, you should then put your focus on finding the right property. Investment buyers should consider finding a property in the best community, listed for the lowest amount, yet priced near the top of your budget for that particular neighborhood. Keep in mind that while you can improve the property, you simply cannot improve the community, at least not right away. If you buy low in a great area, , you’ll have an instant increase in equity by investing in the work necessary to bring it up to par to fit in with the surrounding properties. As long as you have the right team by your side, you will be able to move quickly, making the house an ideal investment. The team at Flavortown Properties can help assess potential properties, warning you of bad deals, and advise you of the estimated funds and time you can expect to spend on repairs. You should also keep in mind the features that renters seek, and if you update, keep convenience in mind for today’s tech-savvy tenants, many of whom seek spaces for at-home work or schooling. By creating a property people want, you will feel fewer effects should an eviction ban come into play.
Working With Flavortown Properties
Working with our team can help you save time and money. Let Flavortown Properties help you find the best neighborhoods, properties, and even tenants. We offer years of experience in the local Columbus real estate market and know all the red flags to watch for when pre-screening your tenants and potential investment properties. We are experienced with every type of rental management and can take on as much or as little of managing your properties as you like. Our experience has taught us how to deal with all types of tenants and maintenance issues. We will keep you updated on significant market trends that could affect your investment business, including the latest news that Columbus investment buyers need to know about the eviction ban. Our goal at Flavortown Properties is to keep both tenants and landlords happy. Whether you are looking to grow your portfolio, plan your retirement, or just get your foot in the door, Flavortown Properties takes care of your properties just as you would. Contact Flavortown Properties today at (614) 756-6497 to learn how we can help you navigate the market and deal with the eviction ban.