Tips For the First-Time Rental Property Owner
Owning rental property is one of the easiest and most affordable ways to invest in real estate. In San Antonio, rental property management companies like Pyramis can help to boost the profitability of an investment. But there is much to consider before delving into rental property ownership. Of local property management companies, San Antonio investors have a trusted partner in Pyramis Company - its talented staff can guide the selection of the best properties. Costs and Fees Associated with Owning Rental Property Keep in mind that mortgage rates for investment properties are higher than those for traditional mortgages. Also, consider that aside from the down payment, there are property taxes, monthly maintenance fees (landscaping or pest control), homeowners insurance, and potentially, association fees. Aim to keep operating expenses between 35 and 80 percent of gross operating income, and plan to buy a property that will offer at least a 6% return on investment. As...