Are you interested in investing in property, but not sure how to go about finding the right ones?
While there are many property investment opportunities out there, they’re not all gems.
You could potentially be pouring upward of six figures into your property. Therefore, it’s important to learn how to decipher the good from the bad.
So how exactly do you find the right property investment opportunities? Read this article to find out.
Know the Neighborhood
You’ve probably heard that the three keys to success for investing are “location, location, location.”
While it’s an oversimplified statement, it does hold true. Investing in the right property is all about finding a location that is suitable for your budget and that appeals to buyers or renters.
Look for properties that have nearby school districts, low crime rates, a growing jobs market, and plenty of amenities such as restaurants, parks, malls, and movie theaters.
Once you have an idea of which neighborhoods you may want to invest in, it’s time to do some good ol’ fashioned research.
There are numerous ways to do this. Let’s take a look at some common ones:
The MLS (Multiple Listings Services) is an online database that lists all homes currently for sale by a real estate agent.
You’ll need a real estate agent to access the site and submit an offer on a property for you. Single-family homes are the most popular type of listing on this site.
Loopnet.com is the internet’s largest marketplace for commercial properties. You can find anything from a small apartment building to a fast food restaurant to a shopping mall.
Hiring a commercial broker is a great option for anyone looking to invest in commercial real estate. Often these brokers are privy to deals not available to the public yet, also known as “pocket listings.”
Whether it be through an investment club or a mutual contact, many individuals find their ideal property through networking.
Be sure to carry a personal business card with you at all times. You never know when it may come in handy.
Take a Drive
Last but not least, take a drive through the neighborhood you wish to invest property in.
If you see a for sale sign, don’t be afraid to knock on their door or jot down their contact info.
Once you’ve found a few listings that have grabbed your eye, you can narrow your search even more by crossing off the ones that are fixer-uppers.
While buying a house that you can get at a bargain is tempting, you’ll likely end up spending way too much on renovations and repairs.
Instead, go for a home that is priced below the market and needs minimal repairs.
The number of bedrooms on a property has the biggest effect on its rental value.
Homes with two bedrooms and two bathrooms tend to be the most popular, so bump these ones to the top of your list.
Property Investment Opportunities: Wrap Up
Hopefully, reading this article has given you a clearer picture for finding the right property investment opportunities.
Drop a comment below if you have any questions or contact us for help with property management.