INVESTING IN RENTALS? LOOK BEFORE YOU LEAP!

By
Property Manager with Martin Presence Group Brok.0995682636-ASA

In today’s economy, rental properties are hotter than ever. This makes a great window for beginning investors to buy that first property or for seasoned property twentieth, there are some basic rules that will help ensure a quicker return on your investment. Just because someone is choosing to rent rather than buy, does not mean they will settle for just any old place. Consumers today are more discerning than ever and are also looking for the best property for their rental dollar. So when shopping for any rental property, keep in mind these five rules.

First, location, location, location. Is the property easily accessible? Is it close to important points of interest like shopping, restaurants, and parks? Is it in a desirable school district or close to public transportation? Location can even make up for other shortcomings a property might have like small bedrooms or limited storage. Also, location is one of the few things about a property that paint and plaster can’t fix, so choose it carefully.

Buy ready-to-rent. Empty units do not bring in income. If a property needs extensive remodeling or repairs, it may take a long time before it is rentable, and we all know that these things always end up being way more expensive than anticipated.

Even better, buy already rented. This is a little trickier than it sounds. Although this is a great way to cut vacancy and advertising costs, you’ll need to do your homework. Are the leases current? Were the tenants screened? Are receipts in order and do the tenants pay on time? The only thing worse than a vacant unit is a deadbeat tenant, so be careful not to trade one headache for another.

Make sure the property is even rentable. This is especially true if you are looking to buy a condo that may be limited due to building restrictions or neighborhood codes. This is more common than you think.

Finally, ask yourself, “Would I want to live here?” Consider location, space, finishes, amenities, and safety. If the answer is no, keep looking!

Still unsure and overwhelmed? That’s when you call us here at Martin Presence. We are the one source for all your real estate investment needs. From buying to selling, maintenance and restoration, Martin Presence has you covered. We will help you make the most of your investment.

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices
Tags:
investment property
real estate
rentals

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,338,028
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Corey, great advice, as buying condos and townhomes have HOAs and you definitely need to read the fineprint!  

Sep 15, 2017 12:36 PM #1
Rainmaker
5,816,600
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good advice to share with prospective real estate investors.

Sep 17, 2017 11:20 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
157,530

Corey Martin

Real Estate and Management Solutions
What is Your Property Worth?
*
*
*
*
Spam prevention