There’s no doubt about it: Waco, TX is booming, with new businesses, eateries, shops, and residents arriving almost daily. Countless people from out-of-state are coming to Texas due to its business-friendly policies. Between the Magnolia empire, Baylor University, and the lower cost of living, people from Texas and across the country are particularly interested in making the Waco, TX area home, which is why it is an excellent location to purchase a rental property.
If you are interested in purchasing a residential property to rent out in Waco, TX, here are three factors to consider:
1.) Are you interested in purchasing a property that needs to have some repairs made, or do you want a property that is turn-key ready?
With real estate at an all-time high, most landlords choose to purchase properties that need a little bit of work, knowing it will net them a significant return over time. Before beginning your search, be sure to have a target budget in mind, as well as a list of projects you are willing to take on. A licensed realtor will be able to point you in the right direction, helping you find a residential property to rent out that will meet your financial goals.
2.) Waco, TX, is home to Baylor University. Are you open to renting to college students, or do you prefer a location further from campus?
Finding a property close to Baylor University has many benefits, including a steady stream of tenants, less of a demand for luxury updates, and the ability to charge more in rent. However, some landlords choose not to focus on renting to college students, as there is a higher turnover rate. Be sure that you know your comfort level and have thought about your negotiables and non-negotiables, so that you can find a rental property that aligns with your own specific needs.
3.) Being a landlord goes beyond just purchasing the right home. Are you prepared for all that being a landlord entails?
Being a landlord isn’t for the faint of heart. Between maintenance issues to tend to, rent collection responsibilities, compliance regulations, insurance needs, lease agreements, and marketing – more goes into renting out a residential property than most well-intentioned landlords understand or know. Failure to handle these items with precision can result in significant liability and loss. However, by hiring a property management company, you can maximize the return on your investment and alleviate the stress that comes with day-to-day issues or concerns. That’s where we come in.
We are a locally owned and operated property management company that provides comprehensive support services for landlords throughout Waco and Central Texas. From drafting solid lease agreements, collecting rent, conducting repairs, and more, we have over 30 years of expertise. Our deep commitment to our landlords and our community is what drives us each and every day. Contact us today to learn more: 254-651-0576. We would love to hear from you!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
