According to most experts, the ideal real estate investments are 3 bedroom 2 bath homes. They are perfect for small families, which tend to be the most stable tenants. There is a great demand in many communities for these single-family homes. With this type of demand, the rent you can charge will pay you enough to cover your mortgage, maintenance costs, and provide you with a nice profit. These types of properties are also relatively easy to sell if you need to cash in your investment quickly.
If you are a new investor, it is advisable to stick close to your home where the market will be familiar to you. By investing in your backyard, you are in a good position to anticipate what will happen to the real estate market. Wherever you buy property, you should talk with other property owners and visit as many properties as you can to get a feeling for the real estate values and ensuring the neighborhood is economically stable. Look for solid construction of the house before its aesthetic appeal. If you do not want to spend your time on repairs, buy real estate that is in ready to rent condition. However, if you have the time and ability, you could look for a home with strong construction and less aesthetic appeal which could increase your overall profit after a modest amount of fix up.
The best way to make the best profit is to buy the worst house on the best block. A property that can be brought up to par with its neighbors with a fresh coat of exterior and interior paint, some landscaping, and/or minor renovations could be an excellent investment opportunity as a rental or flipped property. Another choice is to look for a deteriorating house in a turnabout neighborhood. You will stand the best chance of locating such a property by searching in a community that you know. Remember to use caution with investments that require rehabilitation skills and a sharp sense of time. If you go too early, you’ll not get enough rent to pay for its upgrades.
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