Hunting For The Right Real Estate Investment

Making sound decisions in regards to real estate investment is vital. I would like to offer my thoughts on how to choose the best property. If you plan on investing in residential rental properties, you cannot count on your tenants being reliable. If for any reason they are unable to pay, it could take weeks or months before you are able to replace them. This is why you should be able to afford the mortgage payments on your own income.

It is very important to do your research before you make an offer on any property. Also, if you choose a run-down property, you will end up paying higher interest rates on your loan. If you plan on buying a property to flip, you have to take into consideration that fixer uppers tend to cost you more to repair than you initially accounted for. Furthermore, sometimes you will have to wait for the right buyer to come along in order to make the most of your real estate investment.

Location is by far the most important factor when hunting for a real estate investment. The area you choose will also be scrutinized by your lender. Be sure to check the comps before you make a final decision. While a licensed real estate agent will have access to the best and most accurate comps, I like to use to get a rough idea of the value of comparable properties. You can also take a look at the birds eye or satellite view in order to get an idea of how the neighbors maintain their properties. This way you can avoid wasting time on the streets by ruling out properties that do not fit your criteria. Google maps is also a great first stop in the initial property search. By checking out street views, you can save time as well. One last thing I like to check before I head out to see homes in person is the online tax maps.

There are many factors to determining which properties are the best value. I just want to point out a couple of things I pay attention to. For rural locations, replacing wells and septic systems can cost tens of thousands of dollars for a complex system. Always do a complete inspection before closing a sale, paying extra attention to the floor joists and carrying beams of a structure, because replacing them cant also cost tens of thousands of dollars. I hope you enjoyed these tips for finding the right real estate investment.

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