What Type Of Families Do You Want To Attract to Your Home?

Since we have started converting and acquiring additional properties using the Rent To Own strategy and sharing/teaching our ideas with other investors, we get asked this question all the time…. ‘why don’t you buy cheaper homes and rent out the upstairs and downstairs?’ Yes, that is another way of investing.

Neither style is wrong, we have tried them both. We just like to share with you what has worked for us successfully and has had the least amount of headaches.

The first step is to ask yourself a few important questions then decide. What type of tenants are you trying to attract into your home? Depending on the type of home you choose, this could attract different types of families. In your mind you may think a detached 1200 sq.

ft. home may be more desirable than a town home that is 1700 sq ft. But the reality is people prefer space. Purchasing a smaller home may attract families with no more than 3 people only, vs. a larger property that can attract all types of family dynamics. What type of area do I want to buy in and how important is location? Many investors want the lowest price they can find for their investment property. Purchasing a home in a less desirable part of the city will attract a less desirable type of tenant. If you find a beautiful home- in a beautiful neighbourhood- you will find tenants that are more stable and are more likely to purchase the home at the end of the term.

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