From the first decision to invest in real estate to buying your first rental property, there is a lot of work to be done. This task may be fearsome for new investors. Owning property is a strenuous business and the field is filled with problems that can destroy your returns. The most important tip is to take a fair approach to all the properties and neighborhoods within your investing range.
Your investing range will be limited by whether you intend to actively manage the property or hire someone else to manage it. If you intend to actively manage, you should not get a property that’s very far away from where you live. If you are going to get a property Management Company to look after it for you, your proximity to the property will be less of an issue.
Here are some things you should consider when looking for the right property from Richard Butler-Creagh:
Property taxes are not the same across the board and, as an investor planning to make money from rent; you want to be aware of how much you will be paying to taxes. High property taxes may not always be a bad thing if the neighborhood is a superb place for long-term tenants. The town’s assessment office will have all the tax information on file or you can talk to homeowners within the community.
The quality of the neighborhood in which you buy will impact both the types of tenants you attract and how often you face vacancies. For example, if you buy in a neighborhood near a university, the chances are that your pool of potential tenants will be mainly made up of students and that you will face vacancies frequently.
No one wants to live next door to a spot where criminal activity is high. Go to the police or the public library for precise crime statistics for various neighborhoods. This is better rather than asking the homeowner who is hoping to sell the house to you. Items to take note for are vandalism rates, serious crimes, petty crimes and recent activity. You might also want to ask about the frequency of police presence in your neighborhood.
Insurance is another expense that you must subtract from your returns, so it is good to know just how much you will need to carry. If an area is prone to earthquakes or flooding, paying for the extra insurance can eat away at your rental income.
Through Richard Butler-Creagh, an experienced property investor, he will teach you proven, profitable strategies you can start using today. After this assessment, you’ll understand money management and trading psychology, speak the language of the market, and use six profitable, tried-and-true trading techniques. Contact him here and invest now.