Get Started in Real Estate with These 3 Simple Tips
If you’ve ever considered purchasing a house and renting it out to make some extra money, you aren’t alone. Around 27% of Americans believe that real estate is a great investment and with the fact that investor-owned properties generate $100 billion a year just in single family homes each year, they’re right. If you want to get in on this booming market and add some additional income to your life, here’s three things to keep in mind while you get started.
Location, Location, Location
Finding houses for rent can be a little bit tricky, but knowing where to start can significantly ease the hassle. College towns are notorious for possessing an abundance of renters — not only are there students around every corner that are going to need a place to live, but the money that the university brings in goes right back into the city or town; that kind of cyclical economy means that families and recent graduates will have an easier time finding a successful and profitable job, and therefore will be interested in settling down with a home of their own. With so many colleges and universities in Florida, California, and New York, you’ll have little difficulty locating the perfect houses for rent.
Do Your Research
And not just on the area, but on your potential tenants. College students have a reputation for being a messy and risky investment, although that is mostly due to a very small percentage. You can avoid that danger entirely by interviewing potential renters and figuring out who is going to respect your property and treat it as their own for the brief time that they’re living there. Residential properties are always in demand due to the sheer number of students that live off campus, so you’ll have the pick of the litter when choosing your renters.
Don’t Go It Alone
If any of this information intimidates and you, or you just simply aren’t confident in your ability to deal with property management, don’t worry! With the Internet being so vast and providing so many options and connections, finding someone to manage your rental home is easier than ever. Roughly 30% of real estate survey respondents said that they would be more eager to invest if they had help from a professional, which is definitely possible! It’s simply a matter of doing your research and finding the right person to help you on your way.
With so many rental management services in existence out there today, there’s nothing stopping you from getting in on the action and making extra money. With 94% of current real estate investors admitting their interest in obtaining more properties and cementing the success of real estate investment, it’s time to find houses for rent today!