Ten Great Tips on Evaluating Rental Property

Whether you are new to the real estate rental market, or you are a seasoned investor. You may wonder is now a good time to invest in rental properties. Most of the acknowledged “experts” agree it is; pointing to low home prices, low interest rates and the increasing need for rentals. Of course, the rental market will change from city to city, possibly even from block to block.

There are some consistent factors that must be considered before investing in a rental property. Ten Tips for Evaluating a Rental Property Investment: Evaluate your needs and your comfort level.

What type of property fills your needs? Are you interested in apartments, multi-family units, or single-family homes? Are you more interested in commercial real estate? What about vacant land that can be developed for rental?

There are a wide variety of rental investment properties available; each with different benefits and different limitations. Decide what is best for you. Unless you are already very experienced, you may consider finding a partner with rental investment knowledge. If you decide not to pursue a partner, ask experienced network contacts to share their experiences. Your local district court is a good place to go and listen to the tenant/landlord cases. The more you learn the more potential profit you stand to make. Study the area where you are considering a rental property purchase. Drive through the area at all hours of the day and night.

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