Is your retirement around the corner and you’re searching for income producing investments to add to your portfolio? If so, why not add rental properties to your portfolio?
There’s never been a better time than right now to invest in Real Estate especially since more people continue to move to Texas every day and as an investor you will be able to capitalize on the demand for rental properties by investing in Real Estate.
Tips For Investing In Rental Properties
Gather as much information as you can. Talk to other investors, mortgage brokers andreal estate agents who have worked with income property about what owning a rental property is really like, in addition to reading books and articles on the topic. “It’s all about obtaining knowledge,” Rodriguez says.
Decide if you’re ready to be a landlord. Buying and managing property yourself provides the greatest return but also the greatest headaches. “Do you have the stomach for being a landlord?” Fleming says. “Stuff’s going to happen that just really ticks you off.” Other, less active options include becoming a partner in a limited liability company that owns properties or buying into a real estate investment trust.
Crunch the numbers carefully. A rental property is only a worthwhile investment if it makes money. Yes, the property may rise in value and yield a profit when you sell, but it also may lose value depending on which way the market goes. “If you’re banking on just appreciation, it’s really hit or miss,” Alexy says.
Make sure you have enough cash. Getting rich on real estate with no money down is a great dream, but it’s almost impossible to accomplish. Expect to need a sizeable down payment, reserves to pay for repairs and maintenance and a good income before you start investing.
Property Management Makes Owning Rental Properties SIMPLE
Before managing your rental properties yourself, learn more about how affordable property management is by calling Vestpro Residential Services at (832) 498-0016 or click here to connect with us online.