Entrepreneur This Week Post # 6 # Entrepreneur Week 13 Steps to find rental property in the United States, without ...
Entrepreneur this week post number 6
# Initiated week
13 steps to find a property for rent in the United States, without leaving home.
Prerequisites:
1)
Find the target area where you will look for properties, there are attractive areas in the United States for different types of transactions: Florida, Georgia, Oklahoma, Cleveland, Baltimore and of course Texas, and probably other areas that I have not mentioned. There is no such thing as a right area, just decide on the area that looks best to you, and focus on it.
2)
You'll find a way to get a steady flow of assets - you can physically look for Craigslist properties that are published on the same day, you can find Wholesalers who sell deals below market price, or you can find a lawyer to go to the municipality once a month and buy you curved assets ... There are countless ways to work, and that's Depends primarily on how much you want to be active in the game. Whether you come here from Israel every few months or find someone to work and find assets for you, decide on a way to work, and come on.
You got a property from one of the sources, what now?
3)
When we are looking for rental homes for a long term asked the following initial questions: size of the area? Home size? how many rooms? How many services? Year of construction? And price?
4)
We will examine the rental horizon and try to understand the full potential of the place. There are areas with huge demand for apartments with 1, so it pays to split assets to increase the return. There are areas where the demand for large houses with many rooms is much larger, and the fragmentation of the property can significantly damage the value.
5)
A high rental yield can indicate a high crime rate, so the next check will be an up-to-date check of all the crime data that happened in the area of the property during the last few months. We want to avoid areas with a lot of petty crime, or areas with violent crime.
6)
We will ascertain the level of schools in the region: primary, intermediate and high school. In the 1 bar to 10. We will usually look for places with averages +. But it definitely affects the decision with you have a single room with 4, since then probably he will be a tenant to the family, and Triplex with three room apartments, which will probably be rented to individuals or couples, so the level of schools is less concrete for the rental.
7)
We will examine the extent of the risks posed to us by the elements. And make sure they are minimal.
8)
We will get a snapshot of the demographic situation: which populations are living in the area? What ages? And what is the average income?
9)
We'll look at more advanced data -
What is the value of the average home compared to the average income?
What is the animal level from 1 to 100?
What is the unemployment situation?
What percentage of assets are leased in the area?
Does the municipality make it relatively easy to obtain building permits?
What is the cost of construction in the area where we build?
What industries do you have in the area? And a whole host of questions to be added to each and the method he develops
10)
We will include all the data we examined in a methodical and simple process, the Excel table that we prepared in advance, and we will see how the deal looks for us.
11)
We'll send our field man, or we'll get to the field by ourselves.
A round in the neighborhood and the surrounding streets will help to understand the nature of the area.
We must verify that the rental prices, the value of the house, and the potential of the neighborhood correspond to the standard of living in the area.
12)
We will do a thorough review of the house, and we will make a preliminary plan of how to change the property, how to renovate the property, what to add to the property. And how much it should cost us.
13)
Women bid on the property, and hope it will catch 🙂
Happy holiday!
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Nira Fox
Tal Reznick
Do you have an Excel table that you mentioned in the 10 section?
Thanks!