What you need to consider when buying a single-family investment property.
Are you planning to buy an investment property? If so, knowing the right information and advice from experts like myself will help you make informed decisions and maximize your investment. In the first part of our investment property series, I’ll explain the most crucial factor that you need to consider when purchasing an investment property, especially if you’re eyeing single-family homes. To give you an idea of what I’m talking about, I’ll show you an example of an ideal investment property.
The first and most important factor in buying an investment property is its location. The property’s location will be one of the things that will determine your investment’s cash flow potential. When the property is near workplaces and public transportation, more tenants will be interested. This property here is near Park & Ride and Light Rail, which makes it more accessible and convenient for tenants.
Further, the property’s location will also add to the property’s features. For example, a corner lot property like this will mean there are fewer neighbors, which means there will be fewer noise disturbances in the area. This property also has no Homeowners Association, which reduces costs and improves cash flow.
But before you buy an investment property, it’s important to scrutinize the whole place including appliances. Hiring professional home inspection experts will be in your best interest as they are trained to look for anything that may hint at a potential problem in the future.
To show you what professional home inspectors do, Chad Ellis from Arizona’s Choice Home Inspections joined us today to show how they inspect appliances such as air conditioning units.
According to Chad, even newer appliances need to be inspected to detect any underlying issues. This air conditioning unit, for example, has grass growing up into the unit that will cause corrosion and damage. Pets and other animals will also cause damage to the components inside the unit.
If you have any questions about choosing your investment property, please don’t hesitate to reach out to me by calling (480)-845-0048. You may also visit our website atwww.eliteresultsrealty.com for more information. I look forward to talking with you and watch out for our next video!
