Atlanta is a bustling city with plenty of real estate opportunities. Real estate investors who choose this market are always looking for the best way to grow their portfolios, but it can be hard to know where and how to start.
In this blog, our Atlanta property management experts will give you some tips on how you can find new rentals to grow your portfolio. We'll also talk about operating excellent rentals by handling maintenance requests and other strategies that will help you succeed in this business!
Find Reputable Wholesalers
One way of finding new rentals is to find a reputable Atlanta wholesaler. Partnering with the right wholesaler gives you access to properties that are no longer on the market. A wholesaling expert contracts a home, then immediately finds another buyer or investor to take the contract, often before the first mortgage payment is due.
Atlanta property management experts recommend that you find reputable wholesalers by getting referrals from other Atlanta investors or local professionals and then checking the company's credentials. This will help ensure you partner with a good wholesaler so that your newest rental has less risk!
Work With Fix-and-Flip Investors
One of the biggest challenges with getting a new property rented and generating income is the time it takes to make rental-ready renovations after purchasing a property. Atlanta property management experts recommend that investors work with fix-and-flip investors to remove the time and hassle of the renovation process that can delay income.
A property management company recommends fix-and-flip contractors because they specialize in making a rental ready quickly so you can fill it without delay! In addition to saving time by getting your new place rented quicker, you don't have to budget for upgrades to the rental property as part of your start-up costs. However, since the fix-and-flip team handled renovations, the sale price they put on the home likely includes those costs plus profit for them.
Choose a fix-and-flip partner that knows how to remodel homes that make excellent rentals for reasonable prices!
Consider New Builds
A rental property doesn't have to be an existing home. New builds are an excellent way to add rental properties to a portfolio that are move-in ready for new renters. Tenants love newly-built homes because they usually don't require property maintenance requests soon after moving in.
In a market like the Atlanta area, investors can find a healthy mix of established homes and new constructions. With more options and the insights of a property manager, it's easier than ever to find quality properties that add value and income to your growing portfolio.
As with any potential investment property, work with a property manager to run a rental market analysis and analyze potential ROIs. Even though a home is brand new doesn't mean it automatically makes an excellent rental home or will generate enough revenue to cover your costs.
Going on a buying spree can lead to rapid portfolio growth. Still, real estate investors must manage their budgets appropriately-or risk losing income before their portfolios have a chance to pay off.
Managing (or reducing) costs can require the right timing for building a portfolio. If your cash flow is tied up in a rental renovation project, a property management company recommends waiting until you can put that property up for rent and start generating income before investing in your next rental.
Maximizing cash flow for growth also requires monitoring your operations and expenses. Applying the best property management strategies helps investors operate rentals efficiently to boost returns. When you start developing a more significant portfolio, managing multiple properties well can quickly get out of hand without the right strategies and resources.
An Atlanta Property Manager Monitors Budgets
If keeping up with costs, invoices, and income becomes overwhelming as your portfolio grows, it's time for a property management team! The right property manager monitors your budgets, processes invoices, and collects the rent on time to maintain consistent cash flow.
When investors stick to their budgets, they have more capital to invest in new properties! It's not enough to simply buy new rental properties to build your portfolio. Without a successful management plan and methods to control costs, you'll lose money on a portfolio full of rentals that don't generate the revenue you need or long-term success.
The right property management team also reduces your overall costs by applying optimized processes and strategies to maximize returns.
Grow Successfully With an Atlanta Property Management Company!
Building a successful real estate investment portfolio takes time and effort. However, with the right strategies and resources, it can be done! Start by finding reliable wholesalers that know what they’re doing to find good properties at excellent prices. Work on building your network of industry professionals, so you have other people to share deals with when needed.
Find Atlanta property managers who know how local markets work and help you keep costs low while maintaining healthy profits. Revolution Rental Management is here to help with expert property management services! We manage rental portfolios of all sizes, including property maintenance, to help investors make more money. If this sounds like something you're interested in learning more about, we'd love to chat further about how we can get started helping with an investment plan tailored specifically for your goals.