Rental Property Income Increased When You Know What You're Looking For. Hartford, CT

Rental Property Income Increased When You Know What You're Looking For. Hartford, CT

“Location, location, location” that’s the old saying 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 amenities, 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 attentive 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 recommend 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 little farther out from the house. Keep in mind the closer you are to these services the better. Quick tip; free bicycles can from time to time be obtained for this tenant population from faith-based organizations in your community.

Public transportation is a major factor in evaluating a property. Call your local public transportation district, or find their web site, and search for the route that stops close to the subject property and determine 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 renters can get home after working long shifts, or coming home from night school. Whenever you have a house that meets all of these criteria, you will have a more stable tenant base. Your tenants will not only be grateful for 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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