Finding property to invest in as rental property is not always easy. You have to balance the price of the property with the repairs or upgrades it will need to ensure that you can price rent competitively while still bringing in enough to give you enough income to make the process worthwhile. These tips will help you find that investment property so you can maximize your income.
Work with an Experienced Realtor
For first-time investors, the residential housing market is typically the safest investment option, because the market conditions surrounding commercial real estate are still quite challenging. If you are investing for the first time, you want the help of an experienced realtor like Bill Edge who understands the Houston real estate market and how to find investment property deals. With the help of the right real estate agent, you will learn of investment properties quickly so you can purchase them before they are snagged by another investor.
Utilize Available resources to Find Properties
In addition to working with a real estate agent who knows the local market. You also want to use all potential tools to help you find the right properties. The Houston Association of Realtors is the only major metro Real Estate Association with a highly successful public facing website and it is the source for all the data displayed on this site. The information is the most accurate data available on the web regarding new listings and details about existing listings. It is also updated more timely than popular syndicated websites. However, It is important not to ignore syndication sites such as Zillow, Trulia and Realtor.com because they offer a lot of different features that an MLS typically doesn’t. Also, you can talk to other investors in the Houston real estate market to learn what problems they have faced, so you can avoid repeating the same mistakes.
Location, Location, Location
It’s one of the oldest adages in real estate, but it still remains true. Location is essential to making money with rentals. You want to do your homework to find the areas where rents are high enough to give you a positive cash flow and the population is dense enough to create a pool of potential renters.
Your real estate agent is going to be able to help you with this somewhat, but you will also need to do some research on your own. Look for highly populated areas with a high number of rental properties. Also, research the schools and crime statistics, as these can draw or deter renters. Choose property in areas with much to offer your potential tenants, and you will have an easier time finding them.
If you are ready to take the plunge and start investing in Houston property, have the right realtor on your size. Inner Loop Houston Realtor Bill Edge has been helping investors just like you find the properties they need to make a profit. Contact us today to learn more about making money investing in Houston real estate.