Buying a Home and Renting it Out When You Change Stations

Buying and Renting

At Aligned Mortgage, we know that utilizing your VA Home Loan Benefit can allow you to build wealth! If you will only be stationed in Hawaii for a few years, it’s wise to think ahead and begin planning for when that time comes. Will you be able to sell your home when you leave? Are you able to rent it out and make some money? Buying a home in Hawaii is a great investment, and can be a terrific way to earn a rental income once you PCS to your next duty station. So what exactly is Property Management?

A property management company is responsible for your home and acts on your behalf. They offer services such as marketing; providing advertisements and property showings to find the right tenants for your home. They will conduct an in-depth screening assessment to select qualified residents based on their rental history, credit check, criminal background check, and employment verification.

Your property manager will have a signed rental agreement in place, defining the terms of the rental. They are responsible for collecting rent each month and making sure it is paid on time. They can also provide you with accounting services as well, to maintain financial records and copies of invoices, which will come in handy for tax season. Your property manager will also handle any maintenance issues that may arise, and conduct inspections on your home to ensure it remains in the best possible condition. All of these services should relieve you as the owner, of all stress and worry, especially if you are stationed in another state or country. Your property management team should give you peace of mind. So how do you get started?

Find a Property Management Company When You Buy Your Home

Start researching property management companies when you are buying your home. Your property manager needs to be someone you trust tremendously, so it’s never too early to start building that relationship

Buy in Your Target Area
Think about the type of tenant you are looking for. For example, if you would like to rent to another veteran, you should look to purchase a property in an area that’s popular for military service members and their families.

Know the Right Price
Your property manager can run a market analysis to find the right asking price relative to comparable properties in the area. Ideally, you’ll want to collect enough rental income to cover your mortgage expenses and the small percentage owed to your management company. However, a rental property priced too high could possibly sit vacant longer. Hiring an expert professional to give you factual information will help you determine the right asking price.

Have questions? Contact us today for answers at (808) 677-5626

Learn Your Buying Power.

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