1/4/2021
Tips for Finding the Perfect Investment Property | Lane Lowry | Real Estate Development
a Tips for Finding the Perfect Investment Property by rmontalvan | Jan 4, 2021 | lane lowry, Real Estate Development
For people interested in creating or expanding their real estate portfolio, the ability to spot a suitable investment property is invaluable. The trouble is how to know where to look. If it were easy, everyone would be able to do it. Here are a few expert tips on finding the perfect investment property and how to know when to walk away. The best way to begin is by establishing a network of local professionals. People who are familiar with the area can provide valuable insight, advice, and new leads. There are several ways to seek out groups online. Social media is full of communities sorted by topic and region, and websites like BiggerPockets schedule meetups you can join. Roofstock, Zillow, PropStream, Active Rain, and REtipster are just a few of the other spaces to seek out real estate experts. Before selecting a property, all of your financials must be in order. Unless you are funding your project alone, you will need to calculate how much you are going to be borrowing, as well as the interest rate and the life of the loan. This is called your borrowing position. You must also have a firm grasp on the reality of expenses involved in purchasing a property. Approximately half of your income generated by your purchase
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1/4/2021
Tips for Finding the Perfect Investment Property | Lane Lowry | Real Estate Development
will go towards costs related to owning and leasing a building or unit. This is in addition to the monthly payments you will be making on your loan. Once it’s time to start searching, it’s a good idea to avoid a fixer-upper. Many TV shows make house flipping seem glamorous. The reality is that those personalities have an entire crew of professionals helping them. House renovations are much harder than they appear on television. You might end up putting more money into the property than you will gain after selling. You want to be higher than the break-even point in any real estate transaction. When looking at potential leads, put yourself in a potential renter’s position. If you are catering to a young crowd, look for desirable locations in trendy neighborhoods with high walkability scores. As landlords, the best renters are young professionals because they pay their bills on time, and there is minimal damage. Character is essential when it comes to property, as well. If young professionals are trending towards an area, it’s good to get in initially before prices go up.
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