If you’re very new to all of this, you’re probably wondering how to dive in to the wonderful world of buying rental property. I’ll share with you what worked for me, and it involves 5 specific steps:- Find a good real estate agent
- Practice running the numbers
- Conduct physical inspections (drive-by’s & showings)
- Make an offer & negotiate
- Manage the contract processSTEP #1: FIND A GOOD REAL ESTATE AGENTEventually, you will need your own “team,” including a real estate agent, mortgage broker, insurance broker, title company, attorney, home inspector, and a handful of trustworthy contractors. But with the exception of a real estate agent, your team does not need to be brought together right out of the gate. You will gradually assemble it as you go.STEP #2: PRACTICE RUNNING THE NUMBERSAsk your new broker to send you all the active 2-8 unit multifamily rental property listings in your target area, and practice running the numbers to identify the most beneficial ones. As long as you know a simple formula and have a few key numbers from the property, can use those numbers to do rapid-fire “back of the envelope” calculations to quickly screen properties for financial practicality. Read my property valuation article to learn how to do this.STEP #3: CONDUCT PHYSICAL INSPECTIONSOnce you have a list of financially viable multifamily rental properties, take some time to do drive-by’s. Whether the numbers work or not, you do not want to get any property in an especially bad area (in fact, you’ll find that the numbers usually work best in such areas…you get what you pay for!). Plus, while not a flawless science, if the outside looks like it’s falling apart you may want to pass.After this process, you will have a list of maybe 3 or 4 properties to look at with your Realtor, instead of, say, 10 or 15. Have your Realtor schedule weekly showings, and bring a notebook to jot down notes so you can later use this info to adjust your bid amount.Keep physically inspecting properties with your agent in this manner every week and do not get discouraged. The majority of rental properties you come across will be poorly maintained and/or overpriced. Tenants beat them up, and many, many landlords could care less about maintaining their investment.So, buying rental property takes time. All I can say is be patient, and remember that the more deals you inspect, the better deal you are likely to get when you finally pull the trigger.STEP #4: MAKE AN OFFER & NEGOTIATEOk, so you’ve run a bunch of initial numbers, did a bunch of drive-by’s, and physically inspected a bunch of hot prospects with your agent. Finally, you’ve found a 2-8 unit multifamily rental property you’d like to purchase. Time to negotiate!STEP #5: MANAGE THE CONTRACT PROCESSYippee, your offer was accepted! So now what? Well, there are various steps that round out the process of buying rental property:- Get the property “under contract”
- Initiate title work; note that some states require an attorney
- Conduct a property inspection
- Get an appraisal
- Arrange financing
- Get property insurance
- Get a property survey
- Review settlement documents and close the dealThis may seem complicated if you happen to be new to all of this, but it’s really not. After you go through the entire process once, you’ll be ready to start buying rental property like there’s no tomorrow!
Start Buying Rental Property With This 5-Step Process
Top 5 Reasons to Take Office Space in Austin, Texas
Deciding to move office space is a big move for any company. Executive suites, cubicle space, window offices, conference rooms; the choice of commercial real estate is endless, as is the choice of location.
If you’re considering moving to US office space and you want to move somewhere hot then Texas could be the ideal choice for you.
Hot, humid and vast; Texas is the perfect location for any business. But where’s the best place to take office space in Texas? Dallas, Houston, San Antonio and Fort Worth are all great locations for commercial property in the Texas area but in my view, nothing can beat Austin.
Why’s Austin such a fantastic choice to take office space in Texas? You’d better read on!
1. Austin is the capital of Texas. This means it has a growing population, which currently stands at around 790,000 people, so you’ll never be short of employees or customers. The city of Austin was christened 2nd Best Big City in “Best Places to Live” by Money magazine in 2006 and according to Travel magazine ranks as number 1 on the list of cities with the best people.
2. Austin office space is rich and plentiful. Affordable pricing, stylish interiors and versatile floor space means it’s one of the top office space locations in Texas. As a result, the city’s office space is home to 3 of the Fortune 500 companies – Whole Foods Market, Forestar Group and Freescale Semiconductor. Dell also has an office in the city, while earlier this year Facebook announced plans to build a new downtown office in Austin, which could bring around 200 jobs to the area.
3. Austin is hot, hot, hot! The city has a sub-tropical climate which means that it experiences hot summers and mild winters. This makes it ideal for companies who hate the cold and enjoy warm winters.
4. The city of Austin is a fantastic choice for technology and defence companies thanks to a steady stream of graduates from The University of Texas at Austin. As a result, Austin is known as major centre for high-tech and boasts a large number of major technology companies such as Apple, Google and AMD.
5. Austin’s official slogan is “The Live Music Capital of the World”, which reflects the city’s vibrant music scene. The city is full of nightclubs, particularly on 6th Street and Austin’s annual film and music festival, South by Southwest, attracts thousands of tourists each year.
In conclusion, Austin might not be the most high profile city in the United States but it’s certainly a fantastic choice for commercial real estate for any business.
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