If you’re looking to buy a rental property, make sure to keep these three tips in mind during your search.
Whether you’re new to investing or have already purchased a fair number of properties in the past, there are certain criteria all real estate investors must keep in mind when buying a rental property. Here are three of the most important tips to remember during your search:
1. The property should be in a low-turnover area. The more frequently tenants move in and out, the more work you’ll have on your plate. Properties with high turnover rates carry greater risk, in general, and will require more frequent repairs.
2. The property should be in good condition. The most successful real estate investors are those who hold onto their investments for a long time, so it’s essential that any property you buy can withstand years upon years of future use. If a property is in a state of disrepair and would require a lot of work, it’s probably in your best interest to find a different one.
3. The property should have three or four bedrooms. Properties with this many bedrooms tend to have a lower turnover rate.
The most successful real estate investors are those who hold onto their investments for a long time.
These guidelines are a great starting place, but they only scratch the surface of what you should look for in a rental property. So if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.