Owning rental property can be just as challenging as it is lucrative. So, if you are a potential first time investor, there can be many bases to cover before you feel like you’re fully ready to move forward.
But, while there is certainly something to be said about making sure that all your i’s are dotted and t’s are crossed, there are some pending property investors who can fall into what is commonly referred to as “paralysis by analysis.”
This occurs when you go over all of the information that you need – and then you go over it again, and again…and again. Unfortunately, even though knowledge can be powerful – having all the knowledge in the world, but without taking any forward action, is just simply wasted knowledge.
If you’re a new investor, it can be easy to fall into the notion that you’re just not quite ready yet – but you will be after you just finish one more book or course on how to invest in real estate. Likewise, there will always be the notion that another, much better deal is waiting for you just around the corner.
The reality is that in this business, the “perfect” deal will rarely – if ever – exist. This is why, if a deal does in fact meet your criteria, procrastinating could end up turning out to be “the one that got away.”
Once you have purchased a rental property, there is plenty of help available for finding and screening tenants, collecting the monthly rent, and for taking care of the maintenance issues that come up. You can accomplish this by partnering with an established property manager in the area.
If you currently own – or you are considering the purchase of – property in Orlando or Central Florida, give us a call. We can provide you with the information, and the services, that you need to make your rental properties a success.