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What's Next After Buying Your First Rental Property in Tracy, CA?

What's Next After Buying Your First Rental Property in Tracy, CA?

Tracy, CA is home to green spaces, performing arts centers, and historical museums. This makes it a great place to buy investment property. If you're a real estate investor who just purchased your first space here, congratulations!

Once the excitement of the transaction settles a little, you might be left wondering, "What's next?

Before you can get up and rolling, there are a few steps you'll need to take care of, first. Today, we're sharing three things to do when you're ready to make the leap from property owner to income-earning property owner!

1. Get to Know Your Spot

You now own a little corner of Tracy. However, before you can start advertising it to others, you need to know as much about it as possible. You should have gotten a great look at the logistics of the space before you made your purchase, but now it's time to really get to know it.

In addition to understanding its current condition, take a close look at its location. Is it near downtown hotspots? What about fine dining, parks and playgrounds, or business parks?

Think about factors that can positively and negatively affect your prospective rental income. If anything is working against you, like overgrown landscaping, dirty siding, or crumbling sidewalks, take care of those small projects before putting your property on the rental market.

It's also helpful to know any local laws that might apply to your space. You can learn all about rental regulations in the Golden State here.

2. Get the Word Out

You could have the best rental property in Tracy, but no one will know about it unless you tell them! Today, it's never been easier to spread the word about your space thanks to social media platforms like Facebook and Instagram.

When you're ready to share your listing, make sure it's active everywhere your potential renters might be. Then, go through your post with a fine-tooth comb.

Property marketing is all about appearances and quality. Make sure you're sharing professional-quality photos, adding video where possible, and disclosing all of the information that a renter might want to know.

3. Create a Tenant Screening Process

Yes, you want to earn income from your Tracy rental property. However, you don't want to let just anyone stay there. A strict tenant screening policy can help you double-check the identity and trustworthiness of any renters you allow into your home.

Before you begin seeking tenants, put steps in place to check the following attributes:

  • Their credit history
  • Their rental history
  • Their personal and professional references

The Best Move You Can Make as a Real Estate Investor

The above three steps are critical to establishing yourself as a successful real estate investor. However, do you know the best way to stand out in this competitive space and make your Tracy, CA rental property work for you?

Hire a property manager!

A team like ours can take care of all the legwork associated with owning your space, including property maintenance, tenant screening, marketing, and more. To learn about our services, get in touch with us today!