from Jennifer Fox, Property Management/Investment Expert

1) Understand the Financials

• Determine how you will fund your purchase (conventional loan, cash deal, IRA-funded, etc.).

• Understand remodel or ongoing maintenance costs.

• Determine financial line items important to your financial analysis (IE: market rent, appreciation projection, RE taxes, utilities, maintenance, etc.).

2) Research the Rental Market 

• Understand the current market conditions of both rentals and sales.

• Research rental rates and trends in the area(s) of investment consideration.

• Consider areas for investment outside your personal experience and location.

3) Evaluate Investment Options

• Review the pros and cons of purchasing a condo/townhome versus a single-family home.

• Review different areas for their rental potential, infrastructure growth, commuting options, schools and property taxes.

• Consider cash flow, appreciation, tax ramifications, future objectives for the property, strategic property location and purpose (i.e., housing for your college student).

4) Move in Ready or Not?

• Determine your interest in buying a “turn-key” property versus a “fixer upper."

5) Consider Hiring a Property Management Company

• Hire a professional property management company to support your investment and to provide advice, research, property preparation, marketing, vetting, lease execution, 24/7 emergency service, tenant relations and more.

For more information, strategy or further exploration into your options, contact Jennifer Fox, associate broker, 303-442-2448 or jen@foxpropertymgmt.com.