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How many other homes are Non-Owner Occupied? Know this number before purchasing a rental property in any neighborhood

By
Real Estate Agent with eXp Realty LLC 200311024

Are you thinking about buying a rental property? Make sure you ask your agent how many other non-owner occupied properties are in the area first! Why is this so important to know?

                                                  

If an area has more non-owner occupied than owner occupied properties, it can actually affect the value of your property when it comes time for resale. Go look at neighborhoods that have more rentals than owner occupied homes and you will see a major difference.

When I look for a property to lease option, the first thing I look at is the neighborhood and how many non-owner occupied homes there are. This can affect, not only me, but my end buyers as well. Since I believe in making all my sales a win-win for everyone involved, this is important to me and I do pass this information on
to my buyers.

So if this is an answer that your agent can't give you, and you are looking to purchase investment properties, it may be time to look for a new agent! For more information on investing in real estate, feel free to contact me anytime via e-mail or by phone.

 

Comments (6)

A List Realty Group Inc.
Keller Williams Realty e2pllc - Lake Stevens, WA
This is solid advice.
Sep 14, 2007 07:15 PM
James Gordon
Sibcy Cline Realtors® - Cincinnati, OH
REALTOR, PBD SFR SRS
Todd an area with more owner occupied homes may be nicer because of the home owners in the area but don't forget to look at revitalising areas where owner occupied is increasing.
Sep 14, 2007 11:54 PM
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move
Great point Todd.  We see this issue a lot in Condo building as well.  Plus in condos if there is less than 50% owner-occupied; many lenders won't do the loan.
Sep 15, 2007 01:06 AM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital
Now, see?  When they ask "How's the neighborhood?" this is what they're talkin' about!
Sep 15, 2007 03:28 AM
Mary Warren
Las Vegas, NV
So true Todd, something I always do for my investors.  Great advice!
Sep 15, 2007 04:27 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

Levi - Thank you...Let's just home some investors listen before losing their shirts

James - Solid advice!

James - I'm in condo conversion project myself right now and that is one of the problems we are running into. Lucky we have a lender that has been willing to back us.

Patricia - I doubt that is what they are talking about! - lol

Mary - I knew of all people you would go that extra step for your clients. That is why you have been in the business for so many years...You do go that extra mile.

Sep 15, 2007 05:39 PM