Looking for residential real estate investment tips? You've come to the right place!
Beginning your journey into residential real estate investment can be an overwhelming, but rewarding, experience. As a residential property investor, you'll be a part of creating spaces where people will live their lives, grow their families, and connect with their communities.
Are you ready to get started? Keep reading for some of our top investment tips.
Be Careful with Renovations
Your house does not have to look like a staged room at Ikea or Pottery Barn. Your tenants want to live in a house because they want to create a home with a yard, with neighbors, with a space that is all their own.
Make your property safe, clean, and aesthetically pleasing, but don't spend all of your time and money trying to fill your property with expensive fixtures.
Do some research and find good-quality fixtures for your house that look nice, will last, and don't break the bank.
Find Emerging Markets
One of the best ways to make money with a residential real estate investment is to look for properties that are in emerging markets.
Properties in cities or neighborhoods that are already booming are going to be more expensive. The higher upfront cost will decrease your profit if you flip the house or rent it out.
However, through extensive research, you can find emerging markets. These are cities, towns, and neighborhoods that are on the cusp of a boom of growth soon. Emerging markets allow you to find a property for a lower cost.
Then you can renovate that property and make a profit when the value increases as the neighborhood around it start to grow.
Seeing the Beauty of Single Family Homes
Single-family homes, at least in the past century, have consistently appreciated. Investing in this type of residential real estate investment means that you attract great tenants who want to turn your property into their home.
These might be people with children who want to live in a house but cannot afford the down payment yet. You might also find people who want to live in a home in their community but are only interested in renting right now!
Learn As Much As You Can
Before you start listening to paid advisors and experts, do some homework of your own about residential real estate. While you must trust the people that you work with, you also need to be able to hold your own in those conversations.
Being able to think critically, contribute to discussions, and ask important questions will help make sure that your investments are well taken care of!
Ready to Get Started with Resident Real Estate Investment?
You have found a property in an emerging market. You have done your research. You have secured your funding and completed your renovations. Now what?
Do you want your residential real estate investment to provide you with passive income? Then you will need to work with a property management company.
Interested in learning more? Head to our Property Management page to see how we can help you make the most of your rental property!