Just Purchased My 1st Investment Property
Greetings Everyone,
I am excited!!. I just purchased my 1st investment property in Phoenix, AZ. Escrow closes on January 13th. I bought a brand new 2004, 4Bdrm, 2Ba, 2056sqft house. I have already posted the listing on my realtor's website. I am also going to email a property management company tonight to see if they will start listing it now also. Does any experienced investors have some thoughts on what I should focus on for do's and dont's regarding my 1st investment purchase that is going to be available for rent on Feb 1st. 
Thanks in Advance!!
hello,
Where did you buy in Phoenix? How much are you going to charge for rent? Which property managment company will you use? Usually property management companies charge 10% of rental income. Because you will be living in another state, you must be wary of PM companies not giving you the best care because they know you are not able to check on the property and any issues. Because it is a new property, make sure if any damages occur, they use the warranty. Some PM companies make their money by making unnecessary repairs and charging a percentage on top of the repairs. I am familiar with the Phoenix area and own property there, so if you have any questions, you can contact me.
Greetings Britt,
Thanks for the reply. I bought in a developing area called Baseline Corridor in Phoenix. I am hoping to get $1195 for rent. The property management company will be desertwide which has been recommended. They charge 8% of total rent. I did some research of the area and market rents. I think I will be able to get asking rent. I have an appraiser coming out within the next week which will also give me an idea of the market rent. There was some houses in the area for rent that I called on before I bought the house. I think with it being a new house there should not be much expenses that they could try to charge I hope. Thanks for the reply.