“ The rental market serves many military families coming to Maxwell-Gunter ,” she said . “ Also , people moving to the area for the first time for new jobs prefer to rent first until they learn the area and then buy a home .”
While a steady stream of military families is good news for rental property investors , for other local renters , it ’ s not always a plus . According to Veterans . com , the monthly housing stipend provided to military officers with families at Maxwell-Gunter AFB ranges from $ 1,995- $ 2,250 per month , and there are often complaints that this drives rent rates up , decreasing affordability and options .
ABOUT 70 % OF RENTAL PROPERTIES ARE OWNED BY INDIVIDUAL INVESTORS , ACCORDING TO CENSUS ESTIMATES . SOURCE : CNBC . COM
RIGHT FOR ME ? Property owners
The money a landlord should expect to spend up makes from rental to 1 % of their property ’ s property is called passive , but that ’ s value on routine
not entirely accurate ; maintenance . it doesn ’ t mean you don ’ t have to do anything , and the rent checks just roll in . Landlords are responsible for at least some portion of their rental properties ’ upkeep . According to Bankrate . com , property owners should expect to spend up to 1 percent of their property ’ s value on routine maintenance .
Before you can offer it for rent , a property you purchase may need renovations , either basic repairs to make it livable or cosmetic upgrades to increase its appeal . Local rental property investor Deborah Dias looks for homes in need of TLC , seeing them as opportunities . “ I call my holdings ‘ butterfly properties ’ because of the transformation you ’ ll see from fixer-upper caterpillars to beautiful butterflies ,” she said . “ Even though I may fuss about how long it can take , I really enjoy that part of the process .”
But she has been disappointed by the shallow pool of renovation help in our region . “ I ’ m a bit surprised how challenging it has been to find solid , steady , dependable contractors ,” she said . Dias hasn ’ t let this stop her ; she ’ s learned how to do many homeimprovements herself . The lesson here : If you ’ re not into DIY and the idea of chasing down contractors gives you angst , that ’ s a fact to keep top of mind when choosing properties for your portfolio .
Once your houses are looking good , you need to fill them with occupants . If they sit empty , they ’ re not making you money ; they ’ re costing you . Bowman
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RIGHT PLACE ?
It can be tough to know which statistics to trust , so many experts suggest putting your energy into finding the right house in the right spot for the right price instead of trying to “ time the market ,” a difficult feat for even the most seasoned real estate pros .
And right spot is an important piece of the equation . Just like a house you buy to live in yourself , one fact never changes : the No . 1 consideration is location . ( It ’ s actually Nos . 2 and 3 too !) It ’ s essential to understand the community and neighborhoods where you ’ re shopping for rental property .
Local rental property investor Deborah Dias stressed that there are exceptions to this rule . “ I know people say LOCATION , LOCATION , LOCATION , but don ’ t decide for others where they may want to live just because you don ’ t want to live there ,” she said . “ They may care about being close to their family and friends , close to their job , close to their daycare , close to their church home , close to their school or within their budget . So , if the property fits your other criteria , I ’ d still consider buying it .”
She knows of what she speaks . Currently , Dias owns four townhomes , three of which are occupied ; one four-plex , with three units occupied ; plus three homes , two of which she ’ s transforming into duplexes , and three empty lots where she ’ s planning to place “ tiny homes ” for rent .
22 CentrAL Inc !