|
|
 |
|
| |
|
|
| |
by Jamie Madison
|
|
print article · comment on article
|
|
| |
previous |
page 2 of 3 |
next |
|
| |
|
|
| |
home or a duplex. Leave large apartment buildings and commercial properties to the professionals.
Inquire at your local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.
Find a property that will be in demand when you are ready to resell. Look for a moderately priced home on a quiet street with three or four bedrooms, two bathrooms, and a garage.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Check out Ask a local real estate professional about the area, its history, and how fast (or slowly) properties are moving. Find out the tenant demand in that market.
Inspect the home you're considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away resale profit. Because even the best inspection can't always predict problems, try to set aside some of the rental income for unexpected repairs.
Spend time driving the streets of the community noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond t |
|
| |
|
|
| |
previous |
1·2·3 |
next |
|
|
