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Tips For People Who Want To Buy To Rent in Athens

Interest in real estate investing and buying rental properties seems to be at an all-time high, thanks in no small part to some popular TV shows. In addition, there are plenty of people out there who either can’t afford to buy a home or would just rather rent. Millennials make up the largest share of first-time homebuyers right now, but a large percentage of them would rather rent than own. It’s a great time, then, to buy investment properties. But you do need to go into with your eyes open and properly prepared. So here are some tips for people who want to buy to rent in Athens.

Make Sure You Are Landlord Material

Before you buy to rent in Athens, you’d better make sure you’re really cut out to be a landlord (or be prepared to pay 6% to 10% of your rental income to a property management service). For being a landlord involves numerous headaches and hassles and requires no small amount of patience and persistence. You will have to chase down rent payments, you’ll have to put up with middle-of-the-night calls about broken air conditioners, and, sometime, you’ll have to go through the legal hassle of evicting tenants. Are you ready for and able to handle all that?

Take the Long View

If you’ve determined that you really are landlord material, you also have to be prepared to take the long view if you buy to rent in Athens. Real estate investing, especially rental properties, is by no means a get-rich-quick scheme – it takes time.  In fact, those with experience say that the most common mistake is not holding properties long enough. In fact, just breaking even with respect to cash flow is good in the beginning because you will be paying on the mortgage principal. Then, later down the road, you’ll be putting cash in your pocket.

Know the Law

If you want to buy to rent in Athens – and also want to stay out of legal hot water – then you’ll definitely have to know the pertinent tenant-landlord laws. For example, there is a raft of strict regulations concerning security deposits and how they must be held and when returned. In fact, in some states, tenants can bring legal action if you don’t return the deposit within the specified time period. You also need to be familiar with eviction laws and fair housing regulations because it’s easy to run afoul of the law inadvertently.

Have Money for the Unexpected

Buying to rent in Athens and making a success of it also means budgeting for the unexpected. Failing to plan for the host of unexpected expenses, especially major repairs, that inevitably come up with rental properties is a quick road to financial (and legal) disaster. The standard advice is to set aside about 20% to 30% of rental income to meet the unexpected expenses.

Always Consider Location

Location is just as important for rental properties as for any other kind of real estate. For location hugely impacts the two most important considerations when you buy to rent in Athens: cash flow and appreciation. For example, if the location is such that rents are low, that must be set off by greater appreciation. And if appreciation is low in a certain location, you must be able to charge higher rents to compensate for the lower appreciation. Location is the determining factor here, so be sure to consult your agent to see what the outlook for the area is. (To discover more about this, just call 706-426-1082.)

Hire a Local Agent

So, should you buy to rent in Athens? It depends because the potential exists to make a lot of money over time, but you can also lose your shirt if you don’t know what you’re doing. You must, then, learn as much about it as possible before putting your money down. You can also lean on the knowledge and expertise of your agent who fully understands the local markets and can assess the income potential of properties. Let our qualified agents help you toward success. Contact us today at 706-426-1082.

Learn more about how to buy to rent in Athens by reaching out to us today! 706-426-1082

Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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