It’s time to buy real estate investment property!
Have you been thinking about purchasing an investment property?
Stop thinking …….its time to buy right now! The demand for rental property is at an all time high and will continue in this direction for some time.
My extensive experience with investment properties has been both interesting and educational. There is much to learn and if done correctly can be a very lucrative financial move. You can purchase a property, rent it out and resell it when the housing market picks up or you can keep it long term, pay it off and produce income for retirement.
There are several housing options in residential real estate. You can purchase a condominium, multi family or single family home as an investment property.
Let’s look at condominiums. These can be the easiest properties to start with. The first thing to do if you are considering a condo is to make sure the complex allows you to rent out your unit.
If they do, then see what other units similar to yours receive for rent. If the rental income covers your mortgage, common charge and taxes then this would make a great investment. The beauty of owning a condo is that you are only responsible for the inside of your condo. You don’t need to worry about outside maintenance including exterior painting, landscaping or snow plowing.
What do you think of a multi family? Well there are several ways to work with this idea. Let’s say you are looking at a two family home. You can live in one unit and rent out the other. You can use the money you get from the other unit to put towards your mortgage payment every month. If you don’t have a big budget for a home purchase this can expand your buying power and make it more financially comfortable to live every month. You can also purchase the two family home and rent out both apartments. If you decide to do this make sure that the numbers work. There are formulas to use that will let you know if the rents will cover all expenses.
The deals are out there on even single family homes. If you found a home that needs little updating, you can rent it out for a very nice price these days. A three bedroom home can rent for $2500 to $3500 per month depending on condition and location.
As this housing market continues to stabilize, smart people are out there making deals and adding to their real estate holdings. If you are thinking of making an investment, you too should consider a rental property. We can educate and locate these properties for you! Contact us today!!
Betty Bondi
Owner/Broker
Bondi Realty Group LLC
203-899-9990