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Answers (9)
- Jaimy Beltran, "Buy Sell Invest"
- Contributions:115
Best advice to give a first-time investor is "keep it simple".....the starting in your own backyard is a good idea. And, as you branch out, keep things in mind like vacancies and turnover costs. Just becase you can get a big rent price, doesn't mean it's always the best rental. If you have high turnover, that equates to high costs and loss of income.
What we've found is single family homes tend to retain a good renter for longer. Which is always good for the beginning investor. Too much time spent fixing, cleaning, painting, etc a rental between tennants is a lot to ask. Always think in terms of school district, would a renter likely move in and stay for a few years? And, don't shy away from busier streets for a rental home, the signage alone can keep it rented and rent it quickly. Pop up a nice For Rent sign and the cost of advertising are almost nill.
Happy hunting! It is an amazing time to invest! Enjoy the process and remember....you are providing a fantastic service to your community by offering a nice place for someone to call home.
What we've found is single family homes tend to retain a good renter for longer. Which is always good for the beginning investor. Too much time spent fixing, cleaning, painting, etc a rental between tennants is a lot to ask. Always think in terms of school district, would a renter likely move in and stay for a few years? And, don't shy away from busier streets for a rental home, the signage alone can keep it rented and rent it quickly. Pop up a nice For Rent sign and the cost of advertising are almost nill.
Happy hunting! It is an amazing time to invest! Enjoy the process and remember....you are providing a fantastic service to your community by offering a nice place for someone to call home.
- David Cooper-Las Vegas, "LasVegasRents"
- Contributions:281
Las Vegas, Nevada was rated the best city for investors to Buy and Rent Out a SFR. $200 to $300 a month positive cash flow on a $90,000 SFR including full property management. 25% down for investors, 10% down thru Homepath. Interest rates are the lowest in 50 years.
- john20060101
- Contributions:5
Thank you all for the response!
- Derek Zasaretti, "Derek_Zasaretti"
- Contributions:343
Another word to the wise, start in your own backyard. 5 to 10 mile radius to start. This keeps the complications of "emergencies" and risk to a minimum. You would need a mean pair of binoculars and a microscope to see whats going on 2000 miles away.
- Real Estate Investments, "Marco Santarelli"
- Contributions:264
Feel free to review the market information and investment opportunities on our website. It might be what you're looking for in terms of cash flow, etc.
- Brandon Johnson, "NEW HOME BUYER AGENT"
- Contributions:59
Tampa Bay Area Rentals are on FIRE too. Good properties get tenants in 5 days! Seriously.
- Derek Zasaretti, "Derek_Zasaretti"
- Contributions:343
One of the best things you MUST keep in mind is Positive Cash Flow. Calculate the amount you are going to have to pay for this 200k and compare it to your return. Get some audiobooks if you are pressed for reading time. The Millionaire Real Estate Investor is a good book. You have to be able to cover all expenses and still be able to have a cushion for vacancy.
The more cash deals you can find , the better. You don't need an added mortgage to your investment property. Singles are good for cash buys and long term renters, if you go multi , try to go 6 to 8 units. You get a larger return in a faster amount of time. There are many formulas . Do a little homework, find a REALTOR who also invests. There is a difference, a person pointing out window treatments and closet space may not be the best for a novice investor.
The more cash deals you can find , the better. You don't need an added mortgage to your investment property. Singles are good for cash buys and long term renters, if you go multi , try to go 6 to 8 units. You get a larger return in a faster amount of time. There are many formulas . Do a little homework, find a REALTOR who also invests. There is a difference, a person pointing out window treatments and closet space may not be the best for a novice investor.
- Brandon Johnson, "NEW HOME BUYER AGENT"
- Contributions:59
Anythin in Bergen County is a good investment. The rental market is INCREDIBLE right now. Let me know if you would like me to refer an agent to you. I grew up in Teaneck, NJ. Very fluent with Northern Jersey.
- Debbie Troy-Stewart, "DTS"
- Contributions:3
This is a GREAT time to invest, and there's no thing as asking too many questions!!
I'd look in an area that has a good track-record, an area people WANT to be, and you should definitely consider hiring a property manager.Being a landlord is a lot more complicated than it seems: even the best tenants pay late sometimes, even new appliances break down, there often are little issues that need to be addressed.
I'll continue via email to you,but remember KEEP ASKING QUESTIONS!
I'd look in an area that has a good track-record, an area people WANT to be, and you should definitely consider hiring a property manager.Being a landlord is a lot more complicated than it seems: even the best tenants pay late sometimes, even new appliances break down, there often are little issues that need to be addressed.
I'll continue via email to you,but remember KEEP ASKING QUESTIONS!
Whee to buy investment property now?
I recently got approved home equality loan for 200,000 and I am looking for investment property that can generate positive cash and generate income eventually for my retirement. I live in northern NJ. Where should buy property now? How do I remotely manage my property? Am I asking too many questions? I need advice from anyone who is expert in the field. Welcome and thanks for all your response! Feel free to e-mail me.
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