Rental properties can make for excellent investments. Not only do they increase in value over time, but they also produce steady cash flow. However, there’s a big difference between a low-maintenance, turnkey property and a property that needs its hand held every step of the way. Learning how to differentiate between the two before investing will increase your chances of being profitable and successful.
If you’re looking for a predictable job, there are plenty of career paths to choose from. Landlording isn’t one of them. It requires you to be on your toes – ready to face anything at any moment. To some, this is terrifying. To others, it’s an exciting opportunity that promises to keep things interesting. But one thing is clear: You need to be prepared for whatever comes your way!
One of the beautiful and compelling things about real estate investing is just how much diversity and flexibility there is. Even when you zero in on a niche like income-producing rental properties, you have lots of choices. There are single-family homes, multi-family properties, and apartments. But most people forget about another lucrative niche: condominium units.
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Naturally, we can be quick to point out the flaws in other people’s homes. Whether it’s a terrible design choice or problem with the layout, we can objectively identify issues when there’s no personal or emotional connection. But it’s often hard to tell which mistakes we’re making in our own homes. Whether through blissful ignorance or purposeful denial, we’re generally blind to our own mistakes.
It’s a misconception that landlords get to sit back collecting rent checks from their tenants, without putting in much work. In addition to ongoing property maintenance, finding new tenants to replace vacancies, and regularly updating their knowledge on laws and property management, landlords sometimes need to respond to emergency repair requests.
Are you looking to buy a home? Purchasing your first home is an exciting experience, and one that makes you feel accomplished. Owning a home means you’ll be making monthly mortgage payments instead of monthly rent payments, but your money’s going to go toward building equity—an investment stake in the property that could easily grow in value over time.
The process of building wealth through real estate investing is multi-faceted. Understanding Houston’s real estate market is one component, and developing the right mindset is another. Being a successful real estate investor requires both.
Choosing which renovations to perform on your Houston investment property is equally important to working with the right contractors. You need to determine what work you’re going to do with the same level of diligence you use to vet your contractors.
Pet policies – they’re a divisive topic among landlords, but among those who do allow pets, they tend to be straightforward. Tenants can generally have cats and small dogs, end of list. Some might allow a small fish tank, and really, no one would notice, or hamsters, but nothing more complicated. And few allow more than one or two animals on the premises; crazy cat ladies need not apply. Simple, right? Maybe not.