Purchasing Real Estate As Income Property

With home prices nearing their bottom, now might be a great time to buy real estate income property. Many more people will be looking to rent now that pre-approved mortgages are harder to come by. But, before you become a landlord, you’ll want to make sure your potential rental property won’t remain vacant for long.

Tips to help you evaluate your real estate investment:
1. Determine if your area has a strong rental market. See what kind of homes are for rent and track how long they remain vacant. If the same properties are listed week after week, it might not be the best area to purchase a rental.
2. Keep an eye on the local Classifieds. Track how many rentals are available at any given time, and get an idea of the size of houses most commonly listed.
3. Make sure your potential rental property is located near amenities that are of interest to renters. For example, supermarkets and schools.
4. Find a house that’s in good shape. Would you live there? If not, either move on to a different property or immediately fix it up.

Owning a rental home can be a great investment. Do your homework, and purchase a home people will be clamoring to rent — not one that continues to sit vacant.

If you have questions about purchasing real estate as income property, please call Lakewood Ranch Realtor® Ellen Ferber Evans at 941-773-6907 or Alan Evans at 941-773-6906 or e-mail us at aevans15@tampabay.rr.com for more information.

REMAX Alliance Group, 5411 University Parkway, Sarasota, Florida 34201.