Rental Property Income Increased When You Know What You're Looking For. New York City, NY

Rental Property Income Increased When You Know What You're Looking For. New York City, NY

“Location, location, location” that’s the mantra for real estate investors. But, what qualifies as a good location for transitional housing? (To learn about transitional housing, download the free Ebook, "Max Cash Flow Now" from the right side bar at our main blog site.) The top properties are those that are within close proximity to public transportation and other conveniences, e.g., convenience stores, grocery stores, and banks.

Your location can greatly affect a transitional single-family residence (SFR) or multi-family unit’s vacancy rate. So be aware when you are accessing a property you already own or one you are planning on purchasing to convert into transitional housing.

Google Maps is great for finding discovering how close the subject property is to bus stops, and should be no farther than half a mile away. In colder climates, we suggest that any transitional dwelling be no more that .3 of a mile to public transportation. In warmer climates, public transportation, for stores and banks can be a bit farther out from the house. Keep in mind the closer you are to these services the better. Here is a tip; free bicycles can sometimes be obtained for this tenant population from faith-based organizations in your community.

Public transportation is a major factor in weighing up a property. Call your local public transportation district, or find their web site, and search for the route that stops close to the target property and verify that routes hours of operation. You’re in good shape if the hours of operation are early in the morning to late into the evening, so tenants can get home after working long shifts, or coming home from night school.

When you have a house that meets all of these criteria, you will have a more stable tenant base. Your tenants will not only appreciate the close proximity of these conveniences, but will reward you with longer stays, a well run house and a reduced vacancy rate. To you that means maximizing your profits!

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