f you are shopping for
your first rental
consider tips on
planning for the long game.
While everyone is familiar
with the real estate adage
location, location consider
how that applies in the town
where you are considering
purchasing your rental
property. Drill down into
local data that covers both,
inside and outside your
investment property.
I
Let’s review some
questions tell help you
organize and plan for the
PURCHASING
FOR LONGTERM
BUY AND HOLD
long term.
How well is the property
positioned for weather
issues? Is it located at the
high or low point of the
block? Remember in heavy Read up on the direct and
rains water finds the lowest surrounding school districts.
spot. Use this information for
narrowing down some of the
How does the property
hotter areas for investing.
score on walkability? If you
Let’s get started by researching are new to real estate a the general demographics of the One of the few calls
Walk Score was developed area? Are there multiple methods investors make are directly
almost 10 years ago and it for public transportation and major to the planning division of
assigns a number that rates highways? This will appeal to your the municipality. Investors
how friendly the property is tenant that is looking to reduce are often surprised to know
to local amenities . What daily commute time. that the municipality is
nearby shops are in the happy to share with you their
area? Is the building list of local amenities and
positioned well for local sometimes sharing
grocery trips? Are upcoming campaigns still in
neighborhood groups the early stages. They can
visible and organized in the most often provide you a list
area? Follow up and verify of employers moving in even
he crime stats and be sure in surrounding areas .
to take an after dark trip to
rate the level of safety.
Remember some factors of
curb appeal will rely on
simple landscaping and care
while others such as parking
lots or driveways in need of
major resurfacing can be
costlier when putting
together your budget.