Investing In Income Properties
Now is the time to build long term wealth by investing in income properties. Because of the crazy economy and the fact that one in eighteen homes in Florida were foreclosed on in 2010 alone, now is the perfect time to purchase rental properties. The statistics for foreclosure in 2011 are predicted to be significantly higher due to the high levels of unemployment. If you truly want to make a great deal of money with rental properties, you’ll need to act now and begin snatching up the best properties available. There are properties on the market to fit nearly any price range so if you want to start off with a smaller investment, you will surely find a property that will be within your budget.
Reaching a Decision
You shouldn’t make any hasty decisions when it comes to deciding which potential rental property to purchase. It would be in your best interest to have a licensed home inspector go over each of the properties that you are considering buying with a fine toothed comb. Professional inspectors will provide you with a detail report regarding all of the home’s systems as well as check the structural stability. This report can help you make an educated decision before investing in income properties that could be potential money pits.
The "Wow" Factor
Once you have purchased and closed on your rental property, you will need to get the house and grounds in tiptop shape so that you can begin earning money from your investment. The biggest thing that many first time investors fail to do is to look at the property as if they were going to live there. Most figure a coat of white paint and good cleaning are enough to get renters into the property. This may be true but you will not be showing your potential tenants that you took pride in the property so they should do so as well. It is a fact that a landlord who offers a meticulously cared for and up to date property for rent usually gets tenants who will care for the property as well.
When a home is for sale, real estate agents always instruct sellers about the importance of curb appeal. The outside appearance of a property will either grab the potential tenants and draw them onto the property or have them driving by without giving it a second thought. Properly manicured grass and perhaps some low maintenance, tropical plants will do the trick to make your property look great from the curb.
The interior must also be meticulously kept. It should be spotless from top to bottom and have a fresh coat of neutral colored paint, such as beige, eggshell or light gray. Stark white walls might make a property look clean but most potential tenants believe that it makes a home look too sterile. The hint of a neutral color will make the house feel more like a home.
Caress the Kitchen and Bathrooms
It may sound strange but most people decide whether or not they want to rent a home solely based on the kitchen and bathrooms. Outdated baths and kitchens are an automatic turn off for most quality tenants. A fresh coat of stain on wooden cabinets or even a good polishing will make them look new again. Be sure that the appliances as well as the sink are in good repair and not stained or dirty. This also reflects your pride in ownership of the property. Inexpensive faucets or showerheads can instantly transform the look of the room and make potential renters say WOW!
Use Your Own Words
Advertising the fact that your property is available for rent is a very important part of marketing a property for rent. Simply saying that you have a 3 bedroom, 2 bath home for rent isn’t going to catch the attention of really great tenants. The use of the words “newly renovated” or “recently remodeled” will grab high end renters and make them want to check out your rental. While investing in income properties, it is wise to be as creative as possible when trying to draw potential tenants to your property.
To learn more about investing in real estate as a wealth building strategy, visit Investor Realtor
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