The popularity of reality television about house flipping has made a somewhat unrealistic perspective on precisely what flipping houses involves. While it is possible to purchase, remodel, and re-sell a residential property quickly and profitably, often there are challenges or unforeseen hindrances that must be overcome on the way.
For instance, houses that are under construction will, in general, be targeted by thieves and vandals more than other properties are, crimes that could result in expensive losses. Bad weather, burst pipes, and any number of other unforeseen events could result in costly fixes that were excluded in the original budget. Thus, house flippers need to be prepared not only for when things go according to plan but for the genuine plausibility that something will turn out badly.
With regards to flipping houses, even a best-case scenario flip includes numerous long stretches of work. The time accumulated in flipping a house can be broad, from finding a property to arranging financing, closing, remodeling, and finally listing the property for sale. During this whole time – however long it might take – the property is not generating an income, since the only profit an investor realizes from a flip comes after the property has sold. Some investors can manage multiple house flips in a single year, hoping to create more frequency and consistency of income. But more often, houses are flipped one at a time, making it difficult to foresee when that investment will ultimately pay off.
Consequently, house flippers will greatly benefit from having more than one revenue stream. There are many opportunities in the real estate industry; however, the one that offers the most steady income opportunities are residential rental properties. Buying and renovating rental homes is a process very similar to flipping houses, but there are a couple of distinct advantages. When buying a home to use as a rental, investors can enlist the help of a quality property management company to do a lot of the heavy lifting for them.
When property owners hire Real Property Management Washington DC, they receive expert market assessments on all prospective and current rental properties, ensuring that investors have accurate information on rental rates, market value, and so on. We also offer access to dependable home remodeling and repair experts, ensuring that any work done on the property is completed well and correctly the first time. Lastly, we market the property and lease it to quality tenants, giving investors with consistent rental income while they follow other real estate activities.
When all of these advantages are added together, it is clear that hiring a property management company is not so much of an added expense as it is a valuable asset on your real estate team. The professionals at Real Property Management Washington DC can make owning Hillcrest rental properties one of the most straightforward real estate investments you’ve ever made, freeing up your time to pursue other aspects of your real estate business. For more information, contact us online or call us at 202-813-9993.