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Phone: 979-693-0201 Email: [email protected]

Myke Leatham | Brazos County Realty

Myke Leatham | Brazos County Realty

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What to Expect From Your First Investment Property

September 25, 2015 by Myke Leatham

We’ve all heard the phrase “…a home is the largest investment most people will make…” at some point when talking to a lender or anyone remotely involved in real estate. For the most part, this is true. But, there are some folks who want to take real estate one step further and actually have their investment work for them.

This is the point we are talking about today. Investment property and what to expect from your first investment property. As with all real estate transactions, your situation will be different than others looking to break into the world of investment real estate. Some questions you might want to ponder are:

  • What is my level of risk/return on investment?
  • Do I want to start out with a single family or multifamily unit?
  • Who is going to manage the unit?

Whether you have a large chunk of change or a small amount set aside for the down payment or purchase, there is still an associated risk/return on your investment. How much do you feel comfortable with and what are you expecting in return?

This is a good time to do some research on what property expenses are like for the area in which you want to invest. It is also a good time to set some realistic expectations. There are plenty of urban legends floating around out there about booms and busts related to investment property. Setting realistic expectations will set the tone for what to expect from your first investment property.

Through your research you will likely see what types of investment properties are available in your desired area. This is a good opportunity for you to compare, not only prices, but strategies on how to live while transitioning into property management.

By that I mean take into consideration your own living situation. Some investors who purchase multi family units live in one unit while fixing up, and ultimately renting out, another unit. By doing this, the investor basically lives free thanks to rent covering a portion of the mortgage.

Or another strategy for single family homes is to use the home as your primary residence. Taking this one step further, for homeowners who are “under water” in their current residence, they could buy an investment property and rent out their primary home. Using rent money to cover the primary mortgage, plus taxes and insurance, until property values rise.

And lastly, who will manage the property? Repair needs can happen at the most inconvenient times, are you willing to be there for all of it? Or would hiring a property manager make more sense? Property managers usually take a portion of the rent as payment for their services. Take this into consideration when determining how much rent you can charge for your chosen area.

How to Rent Your New Investment Property

When you’re to the point where it’s time to rent out your property, make sure the first step you take is a strategy for screening your potential renters. Repairs on damages done by careless or destructive renters could far exceed their rent payments or deposit. Any College Station Realtor who owns rental property can attest to this.

There are services available to landlords that can help with this process. Look into companies or subscription services that can run rental or credit history. This is a good place to start when determining a tenant profile for your property.

The next step would be to draw up a lease. It might be worth your time and money to hire a real estate attorney to help construct a binding legal document. Try and cover all the bases when it comes to potential scenarios concerning renters. Pet policies, deposits, late fees and the amount of time given before renewal or move out are all negotiable. Talk with an expert to determine your comfort level on approaching these different subjects. For example, if you have wood floors in the property, you might not want to allow dogs.

As a Realtor, I can tell you that a lot of quality traffic is generated from a sign in the yard. Plus, if people in the neighborhood see the sign, they might have friends who they would like to make neighbors. And if potential renters are familiar with the neighborhood, they might already know what sort of rent to expect, avoiding any “sticker shock.”

When you are ready to sell your investment property make sure you don’t make these mistakes when listing your College Station Real Estate.

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Category: Blog

About Myke Leatham

I’m so glad you found me – your College Station and Bryan, TX real estate source! When you choose to buy or sell a home in College Station/Bryan, TX or other surrounding areas using our expert services, you will receive a free consultation to determine your needs, free listings, and free reports sent to you by email. These weekly reports will show you how hard the members of my team are working to accomplish your property goals, and we guarantee the best service and consultation you have ever experienced. You’ll find the best community information for the College Station, Texas region right here.

It’s nice to know YOUR Realtor will still be of service after the sale.

Experience Counts: Broker/Owner of Brazos County Realty
Over 25 years of sales experience. With past ABR, GRI, CRS, & Epro designations.
Continuing education in real estate: Education is paramount in an ever changing industry like Real Estate. Myke has taken over 1000 hours of real estate specific courses which include but are not limited to: Residential Appraisal, Marketing, Law Contracts I & II, Finance, Residential Inspections, Principles and Practice, Law of Agency, Code of Ethics, Bankruptcy/Easements/Surveys/and Probate, Home Warranties, 1031 Exchanges and hundreds of hours of extensive real estate training.

Reputation: SALES LEADER since 1998; Top Producer 2000 through 2009. Listed among the top agents in the county. Consistently ranked among top realtors for total sales volume out of 900 realtors for commercial and residential real estate in the Bryan/College Station, TX area. When Myke represents buyers, she presents all viable options to her clients, including those properties that are not officially listed, but could be available for sale based on her inside information. Her expertise lies with investors and marketing homes of all price ranges in College Station/Bryan to local, national and global buyers, across all major media channels and through her extensive, personal network of contacts.

Myke is among the top 1% of all Realtors in North America!
She has earned the Designations of ABR (Accredited Buyers Representative), CRS(Certified Residential Specialist), GRI (Graduate of Realtors Institute)CHMS (Certified Home Marketing Specialist), and E-pro (Certified Internet Professional)
Fewer than 3% of all Realtors nationwide earn these certifications. They are not only a symbol of Myke’s commitment to this business, but these designations are your assurance of a skilled, trained real estate professional.

Myke is a consummate real estate professional who not only understands the art of deal-making, but also the art of relationships. She makes the process of buying and selling homes an uplifting and fun experience. She has a tremendous appreciation for Bryan and College Station, its rich history, and Texas A&M traditions having lived in the area for 25 years. Her knowledge of Bryan/College Station’s real estate market and market trends is unparalleled. Having been personally involved with clients through their remodeling, purchasing and selling processes, she knows intrinsic quality and value when she sees it. When she doesn’t see it she lets her clients know, without hesitation.
Myke’s proven track record and affiliations in the field of real estate demonstrates her high level of professionalism.

* High energy and enthusiasm
* Aggressive marketing
* Expert negotiating skills
* Ability to listen and ascertain customer’s desires and needs
* Fun to be with
* Internet savvy
* Because Myke is an experienced investor, she quickly helps her customers locate and define good business opportunities. No one likes the feeling of being ‘sold to’ so Myke provides as much information as possible to help you make the right decision.

Personal Commitment:
I am prepared to go the ‘Extra Mile’ for you, because I understand the financial and emotional significance of purchasing and selling your home. I will carefully listen to your desires and arrive at a workable plan. I believe sensitivity, listening, and service are important keys to success.
Whether you are buying or selling a home or you are just curious about your home’s market value, I’d be happy to provide my market expertise and intelectual property without obligation, or meet with you to evaluate your home for future reference. I want my customers to have a great time and enjoy the total process of purchasing or selling property. It gives me great pride when my customerspass my name on to their friends and family. I will continue to work hard to make sure critical information is available at www.AggieRealEstate.com and I invite all interested investors to search my site for cash flow opportunities. I will dedicate my time and talents to helping you achieve your goals. It is my goal to make your buying and selling experience extraordinary. Look closely and you’ll see how much I love meeting and working with people. You’ll experience the difference in working with an experienced and dedicated professional.

Personal information:
Michelle goes by ‘Myke’ and is the proud mother of 6 children – 3 girls and 3 boys. Her husband is David Leatham. They met at Brigham Young University. They have been married since 1977. David is a finance professor, and Associate Head over graduate studies in the Agricultural Economics Department at Texas A&M University, and speaks fluent Spanish. They have lived in College Station since 1983 and loved every minute of it. Myke loves to quilt, sing, swim, ‘sing’, bake bread, ‘sing,’ garden, ‘sing’, sell real estate, and ‘sing some more’ :-). Family, church, and real estate consume most of her time. Truth, honor, integrity, kindness, loyalty, gratitude, and service are very important words to her.

Slogan: ‘Let Myke Help You With Your HOMEwork!’

Referrals: The highest compliment I can get is when you pass my name on to others or post a kind remark on the internet. When you send your friends and family my way, I’ll always provide them with the highest quality of service that I know you would appreciate. Thanks in advance for all your support and friendship.

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