Undoubtedly, real estate represents a fast and easy way of making money because it not only helps you enjoy ongoing passive income, but also build your wealth. However, you should not underestimate the investment procedure, especially if you have no experience in the field. After all, whether we are talking about a piece of land, a house or an apartment complex, the financial transaction involved is massive. Since most people know that you need to handle money with extra care, they do not hesitate when it comes to seeking professional help. More specifically, you have the possibility to hire a real estate agent who can guide you throughout the whole process. In fact, those who want to add commercial property to their portfolio resort to a complete package of services offered by managed direct program, which is a real estate investment vehicle. This practically means that you will not have to search for properties by yourself; you just sit comfortably and wait for others to do all the work for you.
Do not start your search without having a checklist
Well, this article has the purpose to provide you help in this regard as well. The main difference is that by reading it, you will be able to identify a profitable residential rental property from the first glance. Furthermore, you will soon realize that just by having a list with all the important factors you need to consider when selecting properties, you do not need additional help or at least, you will extend your knowledge in what concerns real estate investments. These factors refer to area, schools, amenities, crime, job market, property taxes, future development and natural disasters. Apart from your list, you should also determine if you want to manage the building personally or if you want to hire someone else for the job. In the first case, you will have to add another element on your list, namely proximity because you cannot buy a rental property so far away located that you have to drive for hours in order to get there. In the second case, proximity does not matter that much, only if you want to have the peace of mind that in case of an emergency, you can get there fast.
Make sure that you tick all the boxes on your checklist
The wisest move when finding a building that meets all the criteria is to visit it and explore the neighborhood because the area has the power to influence the vacancy rate and the types of tenants you attract. Something that should make you reconsider your decision immediately is criminal activity because nobody would want to stay in a dangerous area, especially families. In fact, if your building includes big rooms destined for couples or families, you should inquire about the schools in the area, amenities and the job market. People settling in a certain place need to earn a living and sometimes enjoy some entertaining activities. Put yourself in your tenants’ shoes and you will understand easier.