Investment in Rental Property
While any investment can be a risk rental property can be relatively safe if you follow a few simple guide lines. The most important aspect is of course financial. First, consider the turn around time you are looking for, specifically, short term vs. long term.
Right now it’s a buyers market. The down turn in the markets have created a plethora of distressed sales, repossessions, and quick sales, therefore one might be tempted to look for a short term investment, say five years. This would mean investing in a property that is in good shape, has a solid occupancy history and will need only minimum maintenance. The advantage here is making a quick profit, the disadvantage not knowing what the market will yield in five years.
A long term investment would be best for the investor looking to the future and wanting a certain stability that is not applicable in the short term. Finding the right property is a little more difficult, but they are out there. The main consideration in this case would be two fold; history of the property and location.
For the history aspect review the types and longevity of the occupancy as well as the property wiring, plumbing, heating and cooling systems, the roof etc. These important factors will tell you what to expect in the future. Next, location, location, location! Check out the neighborhood. Chat with the residents in the area, look at any schools, parks and recreation options. Is the property near a commercial or business district? Is the building suited for families or singles and couples?
Remember this is for the long term so try and picture the building ten years from now and see if it fits with the demographic you have put together. Regardless of what you are looking for we have it, our selection of properties is exceptional and our experienced team can help you make the most of your property investment