So you have all this money in the bank and one of the ideas you?re toying with is rental property investment. However, you?re not sure of what basic things to look for or ask your real estate broker as far as choosing a good piece of property is concerned. Don?t fret because here is a good basic guide you can refer to for starters:
1. ?Your rental property investment should be in a good neighborhood. A quality neighborhood is one of the elements of profitable real estate. Prospective tenants are always looking for places that will make them feel they belong. For example, if your property is close to Information Technology centers, chances are your would-be tenants work in that industry. Another example: your property may be located in a burgeoning community with a lot of young families, so expect your house or apartment to appeal to couples with little children.
You need to make sure that the place you choose will attract at least one strong segment in the market.2. ?Your rental property investment should be near a school or hospital (or both). Close proximity to schools and hospitals is a surefire way of making profitable real estate more lucrative. Potential tenants who have children of school age, family members with medical conditions and who value their health and security will always choose a home that is near a good school and a hospital. When you scout around for property, keep those two things in mind.
3. ?Your rental property investment should be close enough to public transportation hubs. With the price of gas, people have been resorting to taking public transportation like buses and trains to save money. That means people will also want to live in places that is close to the stations, and that is key to truly profitable real estate. The house or apartment you would like to acquire and rent out should allow future tenants to easily get there on foot. Put yourself in the shoes of commuters ? why would you rent a place that will force you to walk for more than half an hour to the bus stop?
4. ?Your rental property investment should have police presence.? There is no such thing as a crime-free neighborhood, but there is such a thing as a well-protected community. A strong police presence deters criminal activity and that is always a plus factor that can make your investment a real piece of profitable real estate. So select property in a neighborhood that has a good safety track record and a highly responsive police force. Ask long-time residents about the history of the place to give you a good picture of security levels, which your future tenants will surely demand to find out.
5. ?Your rental property investment should be close to employment opportunities. In this economic climate, people will always want to be where the jobs are, so to make sure your investment turns into profitable real estate, choose a place that is close to those opportunities.? For example: a major corporation is opening a satellite office in your city, or even moving its headquarters. That?s your chance to cash in on the people who would like a place close to that establishment. Make convenience your selling point to interested tenants!
Selecting real estate to invest in and derive passive income from should not be complicated. As long as you factor in the above elements in your decision-making, you can enjoy the benefits and rewards of your rental property well into your own retirement. Good luck and happy hunting!
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