Most would agree that the current housing market is one which most would like to get in on. Houses are selling quickly and rental properties seem to be consistently occupied. So if you are someone who is not currently benefiting from this hot market, we’re offering tips for how to start.
First, we advise to look for homes in smaller, more affordable markets. You don’t need to feel the pressure to instantly go to the best of the best, or the most expensive area by any means. The great thing about this market is that there are many smaller less “popular” areas that are still incredibly successful. You should also consider building new, rather than buying an older, previously built property. This may seem like a headache initially, but older houses have more of a hidden history which could cost you.
It is also incredibly smart to consider buying in working class neighborhoods. Many working class hubs are occupied by younger people who can’t afford to buy, so instead they’ll pay significant rents in order to be near their workplace. Not only is the high rent a bonus for investors, but buying in a working class area also assures you that there will always be someone to rent.
Reach out to your loan officer if you are looking to purchase an investment property!