Archive for August, 2012
When looking to invest in a rental property, the most important factor to consider is what the future tenants will want. You will need to look at the property in the same way you would if you were to rent it from someone.
Step one is to figure out who is in your target renter market, and then you can start brainstorming.
Here are a few starting points to consider:
Is it a busy or a quiet street? If your target renter is a family, then you’ll want a quiet street. If it’s college students, then a busy street might not be so bad.
And if it is college students, how close is the university? And if it’s a family, you’ll need to research the local schools; where are they, and do they have a good reputation?
Also consider how far away grocery stores and local shopping is. If they have to drive far to get to the nearest Walmart or fast food restaurant, then they might not want to rent from you, even if you’re renting for a ridiculously low price.