How to Locate a Home with Investment Potential
Are you looking for an investment property in the Round Rock area? Buying an investment property is completely different than buying a personal home. While it is a different process, I’m here to help! Here are several ways to spot a home with investment potential in the Round Rock area:
Who is Your Audience? – Determining your audience is important when deciding on a home to purchase, with the intent of renting it out. Are you looking for this investment property to house a family of four living in the suburbs? Or, 20-year-olds looking to live near the action? Be sure to consider who you are targeting before searching for homes.
Location, Location, Location – Where does your audience want to live? If you’re targeting individuals in their 20s, consider looking for a property in an area that has shops, restaurants, and grocery stores. These locations are extremely appealing to the younger generations!
Or, if you're targeting a family, be sure the home's location is in a quiet neighborhood in one of the area's top school districts. The school district is imperative to families with children – so, be sure to keep that in consideration.
Lots of Bedrooms – If you’re targeting 20-year-olds, consider maximizing the number of bedrooms to optimize your money-making potential. Even if there are empty rooms, chances are you will still make a profit.
For families – be sure your rental property has enough bedrooms to support a family. A four-bedroom house should do the trick!
Make Sure You Can Rent – Before you purchase the home, make certain zoning laws and the homeowner's association allow renting.
Math Always Wins – Before buying a property as a rental, do the math! According to Trulia, here are a couple of rules of thumb for purchasing a rental property:
Consider the Expenses – Expenses for a property may vary, but here is a list of some of the average costs you will encounter:
There is a lot to consider when looking for a rental property, but I’m here to help! Give me a call regarding any questions you may have about investing in real estate in the greater Round Rock area.
Blog Archive2019-04-10 15:04:29
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