It’s easy to put yourself in two different mindsets when purchasing a home for yourself versus for a rental property. Don’t fall into that trap! In reality, the thought process should not be all that different. Keep in mind that a quality property in a prime location will not only increase the rates you can charge up-front, but will attract more responsible tenants who are more likely to rent long-term.
The right location can only help increase the value of your new asset and grow your equity over the years. If you make a smart purchase now, your renters will be eager to start paying down your mortgage while your property grows in value! Take a look at a few of the elements you might consider as you explore different areas for rental properties in Tulsa.
Location, Location, Location
If you are going to be managing your own properties, consider buying somewhere relatively close to where you live, otherwise you might be doing a lot of driving. If you are partnering with a property management company in Tulsa, this won’t be much of a concern. Get a feel for the location by talking to other renters and homeowners in the area. Tenants can often be more open than the sellers when it comes to revealing the positive and negative aspects of a location. It’s also important to visit the location to see it at different times of day. You may get an impression of an area one day that could be totally different the next. Get accurate results for crime in the neighborhood that you are looking at by going to the police station or your public library. Being in a safe neighborhood will help you attract better tenants and improve renter longevity.
Kids might be the last thing on your mind when shopping for a rental property, but remember that school districts can be a big factor in attracting families. Families often make better long-term tenants as they are more likely to stay settled in one place. Whether your tenants have kids already or are wanting to start a family, the school district can be important to them and will affect how they value your property. The top rated schools in Tulsa on GreatSchools.org include: Henry Zarrow, International School, Carver Middle School, Eisenhower International Elementary School, Carnegie Elementary School. Jenks and Union are also popular school districts for families. If you have a choice between two rental properties, choose the one that has the better school district.
Check out what there is to do around your rental property, and remember that many first-time home renters in Tulsa are coming from apartment complexes that are often rich with attractive amenities. Restaurants, parks, malls, movie theaters, pools, neighborhood club houses, churches and gyms are all things to consider. Purchasing a rental property close to a major business corporation is a smart investment. Big companies have lots of employees looking for a place to live with a quick commute to work. Purchasing in cities right around Tulsa can also be a smart investment. Broken Arrow, Sapulpa, Jenks, Sandsprings, and Owasso are only a 20 minute commute to Tulsa. Many of these cities have new and affordable housing perfect for building your rental portfolio.
What’s the Point?
These are just a few examples of the kinds of things we have seen affect the success rental properties in Tulsa, but in the end, the takeaway is simply that you should put yourself in a potential tenant’s shoes—not just any tenant, a good tenant! If a certain area is attractive to you, chances are that it will also attract responsible tenants with long-term intentions of settling down for a while. If you ever have any questions, don’t hesitate to contact us at RentLink.me. We’re happy to help equip you or your real estate agent with the information you need to make an informed decision and make a solid investment.