Determining the best investment property for you
Investors typically have one common interest, profit. However, there are many cases where the interest of investors differ and therefore, when deciding to venture out into the world of real estate investment, it’s necessary to have a concrete idea of what you’re looking for in a property.
Here are some of the things you may want to consider:
Are you looking for a steady additional income
If this is what you hope to accomplish through investing in residential real estate, then flipping properties may not be the thing for you. Instead, investing in apartment units may be more suitable. Through doing so, you’ll be able to have the tenants cover some of your expenses, at least until you’ve paid off your mortgage and then turn their rent into profit for years on end. With multiple units, you’ll have the security that, if one unit becomes vacant, expenses can still, at least partially, be covered by the other units.
Stability for the future
Single family homes are a great way to acquire stability for the future. This doesn’t mean that you’ll have to live in the home. You can indeed rent it out and have the money you make from doing so, cover your expenses. Once the years pile on and your property increases in value, you’ll be able to sell and have the profit you need to retire comfortably.
Flipping properties is another route you can take as an investor. It’s a great way to make some quick money and have your bank account pile on the figures after each sale. When flipping properties, it’s important to keep in mind that rehabbing is a common part of the job. Especially in the case that you’ll be purchasing foreclosed properties, you want to make sure that you’ve got a good team of contractors by your side.