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Updated over 8 years ago on . Most recent reply

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9
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3
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Adam Yunker
  • Homer Glen, IL
3
Votes |
9
Posts

What should I look for in a Rental Property?

Adam Yunker
  • Homer Glen, IL
Posted

Hey everyone!

So I'm going to be meeting with a real estate agent to help me find some deals.. Since I need to give her some criteria for what I am looking for here is my list:

  • $70,000 Rental Property
  • Clean/Really good condition
  • No TLC Required
  • No HOA areas/fees!
  • Up and Coming area

I was wondering if you guys think I forgot something.. So my question is, what is it I should add to that list that you think is important?

Adam

Most Popular Reply

User Stats

400
Posts
432
Votes
Scott Hollister
  • Rental Property Investor
  • Connecticut
432
Votes |
400
Posts
Scott Hollister
  • Rental Property Investor
  • Connecticut
Replied

Welcome @Adam Yunker,

Its great to hear that you are investing in your future! Is your agent an investor herself? Has she worked with investors before? 

Questions for you: 

  • Have you chosen a farm area yet? This is the town that you want to invest in. Have you looked at every house that comes onto the market? Have you run numbers on those properties? (BP has great calculators that look professional) 
  • Do you have your financing in order? (When you find a deal you don't want to lose it because of financing) 
  • Every house that you buy will most likely require work, even if it is painting the house over to get new tenants. Don't be afraid of TLC (Look for mostly cosmetic so you don't get over your head) These are great deals to value add and force appreciation. 
  • Add to your list a wise investment. That is the ultimate goal, in my area if the numbers work and I can see myself living there then its a good deal, no magic. Focus on a great area with good school systems and job growth. 
  • Have you gone to your local BP meet ups? 

Best of luck Adam!  

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