After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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Rental properties can be excellent investments when done right. If you are thinking about diversifying your investments and purchasing a residential property that you will rent out, there are several things that you need to think about before making a purchase. Use the following tips to help ensure that your investment property doesn't turn into a headache for you:
Understand the Local Market
Just because you have the means to purchase a rental property, it doesn't mean that you should rush out to do so. One of the keys to getting the most out of an investment rental property is buying at the right time and getting a good value. Many areas fluctuate between being a buyer's market or a seller's market-- try to buy your investment property at a time when it is a buyer's market so you can get the best deal. Working with an experienced real estate agent can help you understand the market conditions better and identify the right time to buy.
Buy Close to Home
When buying your first investment rental property, it is a good idea to buy something local so you can ensure that the property is properly maintained and in good repair. When your investment property is local, you will be on hand should there be any problems, and you can fix issues quickly in order to protect your property.
Find the Right Neighborhood
Buying in the right neighborhood is essential to making money from an investment rental property. You want to look for a neighborhood that does not have a high crime rate, as many people are not willing to pay very high rent in areas that are perceived as dangerous. It is also a good idea to select a neighborhood that has a decent number of current rental homes-- this shows that the neighborhood is open to renters and will not cause any issues about living next to a rental house.
Look for a House with Low Maintenance
Maintenance costs can be one of the biggest expenses of owning an investment rental home, so search for a house that is in good repair and has a newer roof, HVAC system, and appliances. You may also want to avoid purchasing a rental property that has acreage-- the extra land typically does not translate to a higher rent price, and you will have to worry about maintaining the outdoor space or finding tenants who agree to take on the extra yard work. Visit http://www.memphisinvestmentproperties.net for more information.
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