IS NOW THE BEST TIME TO PURCHASE INVESTMENT PROPERTY???
Definitely, there are a lot of affordable homes to choose from, and there are many tenants seeking a place to call home.
With the current real estate slump, many are wondering of the opportunities it brought. There has to be some light after all the real estate nightmare, right? Well, there are indeed opportunities presenting themselves in different ways. For one, there are a lot of inexpensive properties. Another, there are a lot of renters. Finally, many are seeking to purchase inexpensive homes.
With this information in mind, we can say that now is a perfect time to purchase an investment property. There are several reasons why now is a good time to purchase such property. Here are some of them:
1. Properties are affordable. If you intend to purchase properties to be rented, now is a good time because you will easily find affordable properties. If you have financial resources, you can purchase wholesale properties. You have to be careful though. Most properties that are sold very cheaply are in very poor condition. So make sure that check the state of the property before you purchase it.
2. The interest rates are low. This makes the properties more affordable. This would mean that the payment you will make in the future will be more bearable.
3. There are a lot of renters. This is because the homeowners who lost their homes due to foreclosure are now seeking for properties to rent. If you have noticed, the vacancy rates today are low. This means that it will be easier to find tenants. And when there are more tenants, it will be easier to find good ones. There is a competition among tenants today. Since this is the case, more tenants will be willing to follow the rules you set. This makes the management easier.
4. Managing the rental properties is easier. Aside from the fact that there are good tenants out there, it would be easier to manage rental properties today because of the different property management available. You can choose to outsource the management of the property especially if you do not want to wake up in the middle of the night to check on the plumbing of your renters. The property manager will take care of that. In addition, he will look for tenants, screen them, prepare the property, collect rent and make sure that your property is earning.
5. You can hold on to the property and sell it for a better value once the real estate market gets better. Aside from having the property rented, there are other means to make earnings from investment properties. You can make improvements and sell the property at a better price. You can also hold on to the property for a while by having it rented and sell it again when the real estate market gets better.
Although the real estate slump has left a lot of property owners broken hearted, it has paved way for opportunities for investors and even those who wish to start investing. Now is the best time to purchase investment properties because aside from the fact that the properties are more affordable, there are also a lot of tenants seeking good homes.
By Bobby Price
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