Is it a Good Time to Purchase an Investment Property in Richmond VA?
The answer to this question has much to do with your current financial situation. However, from a strictly real estate standpoint, my professional opinion as your Richmond VA real estate agent is NOW is a great time to build personal wealth with an investment property.
The Richmond VA real estate market is currently heading towards a sellers market with low inventory. This, in turn, is pushing up the prices of homes. In addition, many in the lending industry are projecting increased mortgage rates, which will mean less house for the money or an increased price for the home of your choice.
When investing in real estate, it is important to look at your long term goals. Investing in rental property is not the same as renovating a home and selling it three months later for a profit. Having a rental property with the purpose of creating cash flow requires evaluating your current financial status and any potential changes in future income and debts. Once you have made the decision to start your real estate portfolio, it is important to decide whether you will be managing the property yourself or if you will be hiring a property management company to do all the heavy lifting.
You may be asking, "well, would YOU purchase an investment property in Richmond VA?" and the answer to that is: I JUST DID! I am putting my money where my mouth is and am taking the next step in my real estate career and that is adding "investor" to my title. After many long and thoughtful conversations, my husband and I realized if we didn't capitalize on our dream right now, we may be priced out of the market over the next couple of years. We are starting slow with just one property, however we have a business plan to own multiple units over the next few years.
So is it a good time for YOU to purchase an investment property in Richmond VA? Contact me, your Richmond VA Realtor, with Keller Williams Realty Richmond West!
Originally published at: http://homesearchrichmondva.com/is-it-a-good-time-to-purchase-an-investment-property-in-richmond-va/