Many are aspire to accumulate income through investing in real estate. If that is you, I applaud you, real estate IS a deed a good investment IF done properly. Many lose their shirt in not picking the right deal. Here are a few handy tips and things you should look for when looking for a good real estate investment property.
1. Neighborhoods - The quality of the neighborhoods in which you buy will influence both the types of tenants you attract and how often you face vacancies. Here's an example if you invest in a property close to a university, you can assume most applicants will be college students and the lifetime of there stay will vary.
2. Property Taxes - Property taxes vary from property to property, and if you planning to make money from rent you have to calculate what you will be losing to taxes. many investors believe high property taxes go hand in hand with log term tenants. be ware of this mistake. Speak with the towns assessment office.
3. Schools - Property prices will reflect the reputation of the surrounding school. Although you are investing for a cash generating machine, the overall value of your property comes in to play when you sell.
4. Crime - In most cases people avoid crime. Go to the police station or library to for the accurate crime statistics.
5. Jobs - Locations with growing employment opportunities tend to attract more people. Find the US Bureau of Labor Statistics or local library to find the area rates for that particular property
6. Amenities - Check the neighborhood for current or projected parks, malls, gyms, movies and other perks that attract renters.
7. Building Permits and Future Development - Find out what new development is being planned in that area. If there is building that it is a good growth area. But be cautious of new development that will cause a loss of activity to a friendly space
8. Amount of Listings and Vacancies - If there is an unusual amount of vacancies in this area, run as fast as you can. To many vacancies are never a good sign.
9. Rents - This is the bread in butter. Find out what is the average rent being paid in that area. If the average rent doesn't cover your cost, keep looking.
10. Natural Disasters - Insurance is another expense that will have to subtract from your returns, so its good to know how much to carry.
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About Me
- Team Sohail
- Sohail is a Founding Member of International Luxury Society and Sohail is now a International Real Estate Specialist, aka IRES. Having said this, we can better position the marketing of the properties those are listed with Sohail of Keller Williams Real Estate. A service owners/builders dreamed of is now available with Team Sohail. Please contact us should you need more information on this. He Cares, He Listens, He Gets Results!
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