If you are thinking about buying some properties to use as rental units to ensure some income, you might want to consider properties outside of the state where you live. It is possible to purchase real estate across the country without ever needing to leave your home state. Of course, to do this you should have a real estate agent in the other state whom you have vetted and feel comfortable with. Here are a just a few things he or she can do for you.
A real estate agent has access to the properties for sale that have been listed by all agents in the area in one publication referred to as the multiple listing system (MLS). However, he or she can also search for properties that are going to auction, getting ready to be foreclosed on, or are for sale by the owner. The agent knows the area, the local mortgage lenders, and where homes for sale not on the MLS are advertised.
Arrange for Inspections
Before you purchase a home, you should have some independent inspections done. You need to be sure you know that the structure is safe or what problems you'll need to repair. You should also have the plumbing, electric, and HVAC systems inspected. Finally, make sure that all the appliances are in good working condition if they will be sold with the house. A real estate agent has made use of local inspectors many times and knows who to use for honest, reliable work at a good cost.
Act as Property Manager
Being a landlord is a lot of work. You need to be able to vet any potential renters, checking on their rental history and finances. You also need to be available all the time in case there is an emergency that needs to be handled at the property. This means you need to have contractors and service technicians to call and send out to do any needed repairs. When you do not live in the area, it can be hard to find good, reputable service technicians in a hurry. A real estate agent can act as the property manager for you. He or she will find good tenants, collect the rent and send it to you, and make sure that any problems with the property are handled quickly and properly.
Real estate agents make it possible for you to take advantage of low housing prices in other states. He or she will help you find good deals on properties so you can have a decent income from them once rented. In addition, if there is a problem with a tenant or house, the agent can handle it so you do not need to make a trip to the location. Of course, if you need a small vacation, you can always go and check things out yourself.Share