Buying or Selling a Home/Investment Property

Advertisement

Expert: - 8/24/2011


Question
Hi there,
I am interested in purchasing an investment property - a single family house...3 bed 2 bath around 1300 sq ft) and renting it out. What are some factors that I should consider when looking for a house? Close to shopping malls? Schools? Should I get a house that is already remodeled and in move in condition?

Answer
Hi David,

Great question, look for ease to/for the tenant, good amenity, close to shopping and schools is nice. So is yard space, allowing pets, do things other landlords may not be willing to do...  

Check the rents to other properties comparable to what you are leasing and see how you can make yours better without spending a lot of money... Upgrades do gradual, as a tenant leaves, do a small upgrade, eventually all will get done, unless you happen across a model that is really move in ready.

Make sure your price is spot on... not to high or you will get a larger turn over which cost you down time and rehab money.

Than just make sure you have rent, maintenance, vacancy, taxes and insurance covered in the mortgage payment and keep it rented at a profit (hopefully)

Good luck...

last thought, try not to pay top of the market price... you will make your profit in the sale, and that is after all capitol expenses... until then it is just the rents that will bring in the money...  

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Connie Wildasinn-Broker,GRI,RealtorŪ

Expertise

Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR, CAR, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

Publications
Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent - Advise Expert Truila - Advise Expert

Education/Credentials
Broker-owner, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing. 15 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

Past/Present Clients
upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!

©2012 About.com, a part of The New York Times Company. All rights reserved.