Looking to invest in a rental property or house to flip? Here is our shortlist for the most important features to consider for a profitable property:
Where are you buying?
The reason you're buying this property is for capital investment and return. The biggest questions to ask yourself is where is the property located and what is around? Is there plenty of other houses for rent and sale? Does the demand for the area exceed the supply?
Depending on the answers to those questions, you might want to expand your search into other neighborhoods, even if the property itself seems to be a steal.
What features does it have?
Whether your vision is a rental property or a flip, you need to consider which features the property already has that will appeal to consumers. Does there need to be any upgrades in order for you to be able to rent? How much will it cost you to add a second bathroom(for example)?
What is the market like?
If you are buying with renting in mind, you are probably expecting to be in it for a longer haul than a flip. Either way, it is important to consider what the current state of the real estate market is. Will you make money if you flip and sell in six months? If you sell in 5-10 years, what does the projection look like?
Pro Tip: Expect the unexpected.
Be sure you have saved enough money to cover unexpected damages and hiccups that arise because they are bound to happen.
Still not sure where to start? We are here to help! Contact us today and we will give you all the answers to questions you might have and lead you through the process of finding the perfect property for your situation!
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