Buying your first rental property in Boston is sure to be a big investment, which makes it important for you to take all necessary precautions. For you to enjoy maximum gains, you must take your time and do your research before diving in. With that said, here are the top tips for buying your first rental property in Boston.
Know your tenants
In case the property is already occupied prior to your purchase, you must make sure you familiarize yourself with the tenants. Reach out to the previous owner of the property to seek information such as their background checks, credit checks, rental applications and rental payment history. Knowing that the tenants who occupy your property are trustworthy individuals saves you time and stress later on.
Speak to the neighbors
Do not be shy to knock on the neighbors’ doors for the sake of information. After all, you are likely to benefit from as much information as is available to you. Let them know that you are looking to purchase the property and wish to inquire of any difficulties they may have had with the tenants or owners of the property. Consider visiting the neighborhood in the day to see what it looks like.
Know the rules
While it is important for you to familiarize yourself with the occupants, if any, it is absolutely paramount that you know the particular rent control regulations. These regulations encapsulate such things as the processes for registering the legal rent and ways to ascertain the annual rental increment. It is better to know how much you are able to charge in the way of rent such that you are able to ascertain the amount of your investment more accurately.
Buy with target renter in mind
You need to pay attention to the target audience before buying your first rental property in Boston. See if you are more likely to entertain students, families, retirees or vacationers in your property. You are less likely to maximize your gains if you rent out your property to students in an area predominantly rented by families, or vice versa.
At BBA Management, we offer full-service property management in Greater Boston cities like Brookline, Newton, Fenway, Kenmore and Cambridge. You can also contact us or call us at 617-734-6900 or send us an email at email@example.com.