Real Estate Investments: How to Pick Profitable Rental Property

One of the most popular real estate investments is a rental property. Investing in rental property can be profitable if you pick properties that meet the following criteria:

1. Require minimal maintenance. Property with newer appliances and smaller gardens that have been well-maintained and fenced off is typically easier and less expensive to continue to maintain.

2. Attract long-term, well-paying renters. Your goal is to get renters who will take good care of your property, stay a long time, and pay on time. While lower-priced properties near colleges may be easy to rent, they typically attract students who tend to be loud, messy, and short-term renters. On the other hand, rental properties that are in the highest price range may attract renters who are in jobs that require them to move frequently or who will eventually purchase homes of their own.

3. Located in highly populated, low-crime areas. Steer away from rural areas where there are fewer potential renters. Look for homes in neighborhoods that have low crime rates and good schools. Neighborhoods near public transportation, grocery stores, and shopping malls attract renters.

Priced properly. Your purchase price must be low enough to allow you to set the rent within a range the local market will bear and that will earn a profit for you. Be sure to take into consideration every expense of owning, maintaining, and renting this property, when considering if you can turn a profit and have a positive cash flow from the start.

Interested in buying a rental property? We can help. Give us a call today at 0300 113 5535 or email us at info@eliteintlrealestate.com for more information.