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House prices are going up, the rental pool is growing, mortgage rates are inching up, and job growth is subpar.
Put it all together and you have a perfect storm of multi-family investment opportunity.
The fact is, if you are a savvy investor, when purchasing a multi-family property (those properties with buildings that have two-, three- and four units) the monthly rental income could cover a good portion of the mortgage.
To win: study your market, do thorough expense calculations, have cash in reserve and don’t settle for a place that will only make you money on the sale. Better yet, have your real estate agent be a SPECIALIST in investment properties! That way you get their knowledge backing you up on your purchase decision.
One online home search site stated that 30 percent of people coming to the site to look for homes for sale were also considering renting — definitely a shift in emphasis. Another online home search site noticed that in online real estate searches, the frequency that the search terms “for rent” were used increased 46 percent.
The rental market is definitely growing.
Ask questions like: How long are vacancies on the market in the area? Are rents going up or down? Whom do you use for legal work? Whom do you use for tasks like painting and termite work?
If the numbers sound good, it’s time to study the market and search for that investment property.