There has never been a better time to build long-term wealth by investing in income properties. Although the United States still faces uncertain economic conditions, now is the perfect time to buy rental properties in the state of Florida. Foreclosure statistics in 2011 and 2012 are forecast to be significantly higher than the past two years due to remaining high levels of unemployment. If you really want to make big money from rental properties, you’ll need to act now to make significant profits and start getting the best real estate value available. There are properties on the market to fit almost any price range, so if you want to start with a smaller investment, you’re bound to find a property to fit your budget.
come to a decision
You shouldn’t make hasty decisions when it comes to deciding which potential rental property to buy. You may want to have a licensed home inspector go through each property he is considering buying with a fine-toothed comb. Professional inspectors will provide you with a detailed report on all systems in the house and check for structural stability. This report can help you make an informed decision before investing in income properties that could be potential money pots.
the wow factor
Once you’ve purchased and closed on your rental property, you’ll need to have the home and grounds in tip-top condition so you can start earning money on your investment. The most important thing that many first-time investors don’t do is look at the property as if they were going to live there. Most believe that a coat of white paint and a good cleaning are enough to get tenants into the property. This may be true, but it won’t show your potential tenants that you take pride in the property, so they should too. It’s a fact that a landlord who offers a meticulously maintained and up-to-date rental property usually gets tenants who will also take care of the property.
When a home is listed, real estate agents always educate sellers on the importance of curb appeal. The exterior appearance of a property will attract potential tenants and lure them into the property or drive them by without a second thought. Manicured lawns and perhaps some low-maintenance tropical plants will do the trick to make your property look great from the sidewalk.
The interior must also be meticulously cared for. It should be immaculate from top to bottom and have a fresh coat of paint in a neutral color, such as beige, eggshell, or light gray. Stark white walls can make a property look clean, but most potential tenants believe it makes the house look too sterile. The touch of a neutral color will make the house feel more like a home.
Pet the kitchen and bathrooms
It may sound strange, but most people decide whether or not to rent a house based solely on the kitchen and bathrooms. Outdated bathrooms and kitchens are an automatic turn off for most quality renters. A fresh coat of stain on the wood cabinets or even a good polish will make them look like new again. Make sure that the appliances, as well as the sink, are in good repair and not stained or dirty. This also reflects your pride in ownership of the property. Inexpensive faucets or shower heads can instantly transform the look of a room and make potential tenants say WOW!
use your words
Advertising the fact that your property is available to rent is a very important part of marketing a rental property. Simply saying you have a 3-bedroom, 2-bathroom rental is not going to get the attention of really good renters. Using the words “recently renovated” or “recently remodeled” will attract high-end tenants and make them want to look at your rental. When investing in profitable properties, it is wise to be as creative as possible when trying to attract potential tenants to your property.
