Thinking of investing in a rental property? Here are several tips to help you make a good choice of property.
1. Do a thorough search
You can hire a property consultant to search available rentals but try to do some of the searching yourself, so you learn the market well.
2. Location is everything
Look for a community with a quality school system and try to choose a property that’s close to an abundance of work opportunities.
3. Pay attention to supply and demand
Check rental listings in a given area to determine the supply and demand ratio for rentals in that area.
4. Know the going rate for rent in the area
Find out what the going rate for rent is in the area you’re looking to buy.
5. Know what the future holds for the area
Be leery of condos and other mass rental properties on the horizon, however, as they may be stiff competition in the future.
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