Are you ready to dive in and begin your adventure as a rental property investor and landlord? Before you even begin marketing yourself to attract potential tenants, you have to select a rental property. Finding and purchasing that first property can be a little intimidating, and many people don’t realize how much effort goes into the process.

Fortunately, Talley Properties has your back. We’re here with 5 tips when it comes to buying a rental property. Read on to educate yourself on some of the industry’s best practices that will help you get ahead of the curve.

1. Invest in a Real Estate Agent

Rental properties can be difficult to find, and the ones worth buying typically carry a premium price tag. Realtors have access to a network of resources that will make finding properties much easier. Not only that, but they may be able to negotiate the price and get you a deal.

2. Ready Your Finances & Assets

Buying rental property is a pretty significant financial investment. It’s recommended that you have all of your assets in order before house-hunting. Getting pre-approved will ensure that you can strike quickly when the perfect property becomes available on the market.

3. Choose a Location

When searching for a property, it’s important to focus in on a particular area. Location is everything when it comes to real estate. Ideally, you should be looking for property in a good part of town that is relatively close to places that a tenant will find useful: work, school, church, grocery store, etc.

4. Inspect for Maintenance & Repairs

Before pulling the trigger on a property, always have it inspected. See if there’s any damage. Assess the cost of maintenance and repairs. While the property itself may have a decent asking price, it’s these hidden costs that tend to add up if you’re not careful.

5. Consider Landlord Insurance

Another cost to consider when buying a rental property is landlord insurance. In short, this will provide personal liability coverage if a tenant were to get injured on your property. Not only that, but it protects your investment from damage sustained by tenants living on the premises.

Bonus: Hire a Property Manager!

When purchasing an investment rental property, you have to consider who will keep it running. Maybe you have plans to do it yourself, or maybe you’d like someone else to do the heavy lifting. Talley Properties is one of the best property managers in Charlotte, with over 40 years of experience. Get in touch with us today to learn more about how we can help you keep your investment operating smoothly!

Rental properties come in all shapes and sizes, but most spaces available on the market represent one of two primary subcategories: houses and apartments. If you’re in the market for a rental space, chances are you’ve come across plenty of great options, both houses and apartments. But is one better than the other? How are you supposed to choose?

The answer is not quite as black-and-white as it may seem. It depends a great deal on personal preference, and both options have their pros and cons. Let’s dig into the details so that you can make an informed decision on your next rental and select a space that aligns with your values.

Houses

There are plenty of pros to living in a house. For one thing, houses tend to be more spacious, and they offer a level of privacy that is simply unattainable in apartment living. This is perfect for families or couples who want to start their family. Houses are also typically less strict when it comes to pets. If you have a furry friend, be it cat or dog, you’re more likely to find a pet-friendly option if you decide on a house.

That being said, houses do have some potential cons to consider. First and most importantly for many, houses tend to cost more than apartments. The extra space is great, but it does come at a premium. Furthermore, houses tend to be located in neighborhoods and suburbs, set away from the action. Work, school, and even grocery shopping may require a bit of a drive.

Apartments

Apartments often have just as many benefits as houses. The lower cost is attractive to many potential renters, and apartments tend to be closer to local shopping and entertainment. Amenities are not always offered standard, but you have more chance of access to a pool or a gym than if you were to rent a house. Plus, maintenance is largely out of your hands, meaning that you don’t have to perform as much upkeep.

These benefits do come with some tradeoffs, however. Apartments are typically smaller, more ideal for single occupants or couples than large or growing families. And while your space is your own, you have to be mindful of those living in the surrounding apartments. Dogs and cats may or may not be allowed, but many landlords keep a tight leash on pet ownership.

Which One Will YOU Choose?

Houses and apartments have their benefits and their drawbacks. It’s up to you to decide which one better aligns with your lifestyle. Either way, you can’t go wrong!

Landlords and prospective renters can get more tips by following the Talley Properties blog. Contact us today!

North Carolina summers are infamous for being intensely warm and extremely humid. During the dog days of summer, it’s imperative that your tenants have a working HVAC system to keep their space cool. But for some landlords, it’s not enough that the air conditioning is working. Many property investors want to know how they can push the limits of their AC to save money and maximize efficiency. After all, a penny saved is a penny earned. Read on for some friendly advice on how to get the most out of your AC system during the warmer months of the year.

• Get Serviced. Find a local HVAC company that would be willing to take a look at your unit. System maintenance and repair are a regular part of keeping your rental space cool. In case of any unforeseen issues, be sure to schedule your checkup well in advance of the warm season.
• Plan Ahead. Give your AC a chance to warm up before the hottest days are upon you. This will ensure that it doesn’t have to work so hard to keep the space cool.
• Keep the Unit Clean. Keeping the condenser clean is a big part of the maintenance process. Because it sits outdoors, it may acquire a buildup of leaves, twigs, grass, and other organic materials. Clear it every so often to maximize unit efficiency.
• Replace the Filter. An air filter traps dirt, dust, and allergens in the air. When the filter is left unchecked, the air conditioning unit has to work harder to pump air past the buildup and throughout the space. Check it every month or so to see if it needs to be replaced.
• Close Off Spaces. Close the doors to closets, bathrooms, and any other rooms that don’t need constant air conditioning. By artificially creating a smaller space, the AC can work more quickly and more efficiently.
• Draw the Blinds. Block sunlight from entering the windows and counteractively heating the space. This is especially important in the morning and late afternoon, when the sun’s rays fall at an angle.
• Use a Fan. A fan, used in tandem with air conditioning, can actually be quite effective at cooling a space. The constant moving air means that you can keep your thermostat set a bit higher without any noticeable increase in temperature.

Here at Talley Properties, we pride ourselves on helping clients get the most from their investment. Rental properties can be quite a handful, and we’re here to help you get the upper hand as a landlord. For more tips and tricks, follow the Talley Properties blog. Get in touch with us today to learn more about our services!

As a real estate investor and landlord, your job is never done. It seems like there’s always another thing to do. When your rental space is empty, you need to market yourself and screen potential tenants. When the space is filled, you have rent collection and regular maintenance duties to perform.

So, how can you streamline the process of renting out your property? How can you make your job easier, while still getting everything done? Read on for some tips on how to take back your time and simplify your life.

1. Utilize the Power of the Internet. The internet is a great place to start when it comes to things like advertising, screening, and collecting rent. Make things easier for yourself by relying on trusted tools and websites to do the heavy lifting for you.
2. Outline Rules & Expectations Upfront. Before signing with a tenant, be sure that they understand all the expectations that come with renting your space. It’s best to have everything plainly laid out in your rental agreement. Establishing some ground rules ahead of time will minimize any headaches later on.
3. Digitize Documents in the Cloud. Cloud storage is a great place to keep all your most important documents. Simply scan physical documents to your computer or device, or use e-signatures to keep everything digital from the start. Easily organized and accessible from anywhere, digital paperwork will save you plenty of time.
4. Track Income & Expenses. While you should do this anyway, tracking and labeling every penny that comes in or out of your account will make your life much easier. Having a record of expenses will make it much easier to calculate tax deductions and disprove any false claims.
5. Conduct Regular Inspections. It’s quite common for landlords to do periodic inspections of a rental space, even in the middle of a tenant’s lease. Frequent inspection will prevent any serious issues from going unnoticed, saving you time and money in the long run.
6. Enlist a Property Manager. A property manager’s job is to automate routine tasks and keep things running smoothly. Landlords everywhere rely on their services to make life easier. From tenant screening and rent collection to bookkeeping and maintenance repairs, you can trust that your investment is in good hands.

Looking for an experienced property manager in the Charlotte area? Look no further than Talley Properties, Charlotte’s best property manager! Not only do we offer clients numerous valuable services to ease their workload, but we bring 40 years of local market experience to the table as well. Contact us today to learn more!