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Find locations that have abundant supply of tenants. Good locations are those where jobs are just around the corner to have a tenant base. Also, you need to consider that the property is appropriate for the tenant market. This means you need to know the type of local work force in the area. You might find it difficult to get tenants if you own a low income property in an area with work force made up of highly paid white-collar workers. In the same way, it will be a problem if you own a high priced property in a location with work force composed of blue collar workers. Find locations that do not have so many rental units. It would be a problem if there are too many rental units in the area where there are few prospective tenants. You may check the "for rent" ads in the local newspaper to know the supply of tenants. You may also visit some rental properties you find to see the scope of competition. If you really want to make sure of what the market is like, ask an experienced real estate agent about rental properties in the area. Find modern homes. Choosing an older house that requires lots of repairs will only give you headache. Find a home that is three to ten years old. Unless you are in the fixer-upper market, the home you choose should be in good condition when you buy it. Avoid elaborated properties. Do not consider properties that have high maintenance costs, such as properties with swimming pools and other amenities. Avoid buying anything fancy as a rental property and a smaller lot with less landscaping to manage is better. Find profitable homes. A good property should generate a good ratio of rental-come to expenses. The monthly rental income should be able to pay your expenses completely or at least come close to paying for the expenses. The way to achieve this goal is to avoid paying so much for the property. So find relatively less expensive rentals. Buy properties not far from your home. It would be a big mistake to buy a distant property for investment rentals. Otherwise, keeping up with property maintenance and collecting rents can be extremely hard. You can easily stay familiar with the rental markets if you choose to buy an investment property close to your home. The author is a well Known Real estate Developer and having immense interest and knowledge in Turn key investment properties, Cleveland real estate investment, Rental Property Investment , & much more hence also called to be as Property Guru.
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