Are Investment Properties Right for YOU?

A couple of weeks ago, I surveyed some of my clients, prospects and friends to learn about their interest in purchasing homes for rental income. Here are a few things I found out:

  1. 70% of those polled own their own home.
  2. Out of those 70%, about 25% own an investment property in addition to their primary residence.
  3. Those who currently have a rental property, enjoy the benefit of having that income to help cover housing costs.
  4. And my friends who don’t own a rental, have perhaps thought about it, but it’s not for them for a variety of reasons mostly related to not wanting to have the responsibility of being a landlord.

THIS might be THE moment to strike if you’ve been thinking about it. Real Estate investments may be one of the smarter ways to spend your money in Richmond, VA right now for 2 main reasons:

  1. Interest rates have dropped
  2. Current instability in the stock market

Sure, the stock market is always up or down, but right now, the housing market is winning with interest rates continuing to dip. This is a highly personal decision, but if being a landlord is a possibility for you…

Here are a few tips:

  1. Pick a top number and stick with it! What mortgage can you truly afford? Find the house based on that number, not vice versa!
  2. Don’t decide now you’re going to upgrade this and that! Stick to the budget. A rental property needs fresh paint and some decent flooring. It needs to be clean, but it does NOT need to have any bells and whistles.
  3. Make an iron clad two-year rental contract that spells it all out thoroughly. And then go over it line by line with your renter.
  4. Make it easy for renters to submit payment.
  5. Don’t make exceptions to your own rules.
  6. Be kind and responsive to your renters. Golden Rule applies here.
  7. And lastly, if you can handle the repairs, do it yourself. A couple of reasons. One is to stay in touch with your property and the people in it and two is to save money, obviously!

If you’re thinking about an RVA investment property, give me a call. I have more tips to share and I can direct you to other professionals who you may need along the way.

Interested in more real estate info? Sign up for my emails, promised to bring you VALUE..

#DIY #Home investment #RVA


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