Residential investment property is a real estate property that is not lived in by the owner but instead it’s being rented out to tenants. The owner may act as a landlord or get a property management company to administer the property. It is a good start for aspiring real estate investors and may help them slowly know more about handling the property and also other types of property investments.Listed below are some of the important and vital factors to consider before you’ll decide to buy a residential investment property.
One of many conditions in which tenants will invariably look at is how accessible the property would be to the public transportation. Tenants will surely have to go to work or school, so easy access is a very essential.A good residential investment property must have quick access to convenience and food markets as well as restaurants or fast food chains. In this way, the tenants is not going to feel as if they have to travel quite frequently just to get their basic needs. Other establishments would also be good, but an area where they’re able to have easy access to transportation, food and various needs are definitely the key elements which should be considered by the owner before purchasing the house or property.
Current statistics reveal that at least 20 percent of American families relocate every year and you will be surprised to learn that there are at least millions each year who need temporary housing for day and even months together. However, setting up short term housing certainly proves difficult as most of the dwellings require a lengthy lease and may not involve all the utilities. Through the internet, weary travelers can find people who are willing to accommodate.
Couch surfing is also referred to as ‘Crashing’ and indicates the act of sleeping on couches or extra spaces in the dwellings of good Samaritans and CouchSurfing is a nonprofit project which has a central location and this allows people from all over the world to connect with travelers and this way tourists can also get a glimpse of the local culture. Although Couch surfing involves staying at the house of a stranger, yet it is considered to be a safe approach. Both the travelers and guests receive ratings after their couch surfing experience. However, the key fact is to always remain alert and to take up a self-defense course, keep your personal information private and also leave in case of any situation in which you feel threatened.
Although the system sounds quite old-fashioned, but when you are traveling to foreign locations your skills can be easily traded for food and shelter. Native English speakers are in great demand and schools would certainly like to host you if you oblige to offer free classes. Other skills which are in demand all over the globe are cooking and website design.
There are information and links provided for temporary housing in college websites which certainly proves to be beneficial. These are provided not only for temporary listings but also for regular apartments with a vacancy which is available for short-term commitments and sometimes they maybe offered with all the vital facilities as well. As part of your search process, you can also post a housing wanted ad in the classifieds of the areas which you plan to visit.
If you require short term housing facilities for more than two to three months, then you can certainly consider the possibility of an extended stay hotel option. When you go in for this type of housing facility it certainly includes furnished room and amenities such as the kitchen and laundry facilities. This option is certainly economical than the regular hotels but even in regular hotels you will receive discount for booking a stay for several weeks together.
Short-term corporate housing fulfills the requirements of many business travelers who need to spend a few days or a week in an unfamiliar city. Motels and hotels that cater to tourists do not normally have all of the amenities available that will allow someone to stay comfortably in an area without bringing along a large amount of basic supplies. These same hotel rooms often force business travelers to compromise and to go without basic necessities while working or relaxing at the end of the day. Corporate short-term housing in an actual apartment fills many of these needs. Travelers who are staying in one of these apartments need to prepare for a short-term stay differently than when staying at a hotel.
Cooking, Groceries And Appliances
Hotels do not always have refrigerators in the room and do not consistently provide a microwave or other appliances. When preparing for a short-term stay in an apartment, these issues do not really exist. It is best to purchase food locally after arriving so that a normal diet can be maintained. The apartment will have a working refrigerator and kitchen appliances. Most locations will even include a number of basic housewares, such as plates, cups, eating utensils and a few pots. A coffee maker might also be available. This means that most of the food and coffee consumed during the stay can be prepared directly in the apartment, so budgeting for expensive restaurants is not necessary.
Facilities On The Premises
Some short-term corporate housing is available in buildings that are part of a luxury rental community. Even those that are not often have a number of different amenities directly on the premises. Some basic tasks, like laundry, can be done in the building without having to find a separate coin operated location. This means less clothes will need to be packed. Travelers who have particular daily routines might also find amenities like a pool or fitness center located conveniently on the grounds. All of these extras will make staying in the apartment more relaxing while reducing the amount of planning that must be done ahead of time.
Apartments that are rented or leased as short-term corporate housing have some business resources available. Internet access and local phone calls are normally provided, since they are necessary for many types of work. Larger apartment complexes commonly offer a business resource center that includes fax machines, desktop computers and copiers. A short-term corporate apartment that offers these types of business resources makes it very easy to work from the location. The only items that need to be specifically packed by the traveler are a mobile device and possibly a laptop. Everything else will be handled through the resources of the rental complex.
The residential investment property market is at an increasing demand. If you are someone looking into the option of investing your money in this kind of venture, you should know that there are different methods you can use. And your choice of a strategy shall depend on how you define your business goals.Basically though, what most investors seek are undervalued properties. Such an acquisition can be sold for a much bigger price tag or redeveloped and resold or turned into property rentals. Whichever method you select, the following may just be able to help.
Look for properties to invest in
It is in your best interest to search for properties at a bargain price. You can start searching in the specific area you want to invest in. In this matter, a broker will be a big help.Aside from helping you find properties for investment, the broker can also share his insights about the estate market. This can be such a great help if you are not yet adept in the business. This does not mean you do not have to make an effort at research and learning your own way around.
Be on the lookout for foreclosures
Damaged properties as well as estates in economically challenged areas are often offered at much lower prices than other options available in the market. While they are on a bargain price, you have to base your decision beyond the cost. This is because such properties present certain degrees of risk.For one, you may end up spending more than you bargained for to do some improvements in the structure. Moreover, you may find it difficult to sell them. In addition, foreclosed properties are often availed of only in cash which means they may present a challenge to acquire especially if you do not have the ready resources for the out of pocket expense.
Check your financing options
Some people do not make the investment if they are not ready to make the cash out themselves. This is because borrowing money for investing can be a risky venture especially when it involves real estate. The high interest rates and the stringent terms by financial institutions can be a challenge.In any case, you have to make it a point to understand all the available options. Compare them and study the advantages and disadvantages of availing of the funding. Ultimately, you have to decide whether it is worth taking the risk before you even decide to push through with the residential investment property business.