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Last Updated: May 14th, 2012 - 22:24:01 |
One vital key to expertly searching for investment property to use as rental income generating property is to appropriately use Mortgage Leads & SALE LEADS TO DO YOUR LEG WORK RESEARCH OUT IN THE FIELD
The second key location in your search for investment properties that are perfect rental property is “The Field.”. This article will focus on the second step, that of DOING YOUR LEG WORK RESEARCH OUT IN THE FIELD. To help you begin your search as a successful landlord owning profitable rental properties, I have outlined a few different steps you should take for success. These are only reminders to the seasoned buyer of rentals. Yet, we all need REMINDERS and maybe you should POST THIS LIST ON THE WALL IN YOUR OFFICE.
1. FIND THE RIGHT BROKER IN THE RIGHT COMMERCIAL REAL ESTATE BROKERAGE. A reputable real estate franchise can represent the difference between you having a successful pursuit in your search for a rental investment property and your coming up empty. Question your broker to make certain that they know the area thoroughly and that they will advise you of investment properties that are the finest for your needs. This becomes especially imperative if you are searching outside of your current city for a rental property. Beyond doubt, His or her understanding of the area will prove to be invaluable to your purchasing investment real estate.
2. NETWORK WITH YOUR PEERS AND REAL ESTATE INVESTMENT PROFESSIONALS. Do not let one solitary agent tell you that a property that you dislike is the best you will find or that there are not any properties suitable for your criteria. If you cannot find your desired property right away, always meet with other local brokers and investigate them, let them know just what you need. Ask them to please lend a hand in your search and pay attention for the properties that meet your criteria.
3. KNOW YOUR INVESTMENT REAL ESTATE MARKET. As you keep driving to question commercial real estate brokerages become familiar with all areas or if you have not committed to any real estate franchise, you will want to ride around all the important thoroughfares to decipher what kind of traffic stops to live there and to shop there. Low prices in that housing market may indicate that the amount you may charge for rents is low as well. High housing costs usually mean that you may be able to come across more renters. That demand will establish how much rent you are able to charge.
4. DO NOT WANDER OFF TOO FAR IN YOUR SEARCH. Even if you cannot find suitable rental properties in close proximity to your present location, never settle for investment properties that cannot meet your qualifications. Ending up with an investment property in a different state or in a far-off location from your house, will cause you to spend cash on travel expenses or else hire your own property manager.
5. NEVER GET STUCK WITH AN UNWANTED FIXER-UPPER, Unless you all ready have plenty of income coming in, and will resell soon after you rent it out; cheap fixer-uppers may look like a bargain, however you might get trapped in a crunch, a bottomless money pit that brings endless stress and heartache. If the home remodeling is major and involves a great deal of time and effort, you might be better off spending a little bit extra for a better property in better condition.
6. RESEARCH THE NEIGHBORHOOD. Supposing you think that you have found your choicest property, Now take a little time to research its neighborhood. Is the block safe? Are any known crime or sanitation or flooding, etc., problems in the area? This search will help you in your decision of whether you will need to put forward additional security on your dwelling. Maybe the deal has more troubles than you expected.
All in all, your investment property search should be an easy and rewarding one, especially if you live in a large city. Why? Because there is an abundance of real estate leads. But it is crucial for you to do YOUR LEG WORK RESEARCH OUT IN THE FIELD. Then, when that is complete and only then, you will be a successful landlord owning profitable rental properties.
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