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Updated over 5 years ago, 06/26/2019

User Stats

8
Posts
0
Votes
Brandon Toron
  • Kew Gardens, NY
0
Votes |
8
Posts

What do you consider when choosing a rental property?

Brandon Toron
  • Kew Gardens, NY
Posted

What does your evaluation process look like when searching for a rental property that is worth while?

User Stats

2,236
Posts
1,650
Votes
Lien Vuong
Agent
  • Real Estate Agent
  • Boston, MA
1,650
Votes |
2,236
Posts
Lien Vuong
Agent
  • Real Estate Agent
  • Boston, MA
Replied

Location, tenant class, value added opportunities, and developments/growth of the future. 

User Stats

127
Posts
78
Votes
Jason Cacioppo
  • Real Estate Agent
  • Commerce CIty, CO
78
Votes |
127
Posts
Jason Cacioppo
  • Real Estate Agent
  • Commerce CIty, CO
Replied

I like to think "if everything else goes wrong, could I live here if I needed to?"

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User Stats

21
Posts
16
Votes
Robby Hogle
  • Rental Property Investor
  • W Bloomfield, MI
16
Votes |
21
Posts
Robby Hogle
  • Rental Property Investor
  • W Bloomfield, MI
Replied

Assuming you have already chosen an area to focus your search on (which is a whole separate evaluation process)...

1. Is there a way for me to add a value to the property? Add a bedroom, upgrade finishes, etc

2. Try to stay 3 bed room or higher (tends to have less turn over)

3. Minimize my cash left in deal (can I purchase and rehab for 75% of ARV)

4. Is the house on a good street / in a good neighborhood. I define good as the ability to get reliable tenants (I.e., not a D class neighborhood or part of town)

5. Am I comfortable with my ability to execute the rehab and can I minimize surprises post purchase when I walk through the home

User Stats

6,500
Posts
3,172
Votes
Ali Boone
  • Real Estate Coach
  • Venice Beach, CA
3,172
Votes |
6,500
Posts
Ali Boone
  • Real Estate Coach
  • Venice Beach, CA
Replied

Here's some ideas from what I look for-

https://www.biggerpockets.com/renewsblog/2013/08/10/what-i-look-for-in-a-rental-property/

User Stats

60
Posts
15
Votes
Grant Delmonte
  • Rental Property Investor
  • Washington
15
Votes |
60
Posts
Grant Delmonte
  • Rental Property Investor
  • Washington
Replied

@Brandon Toron Choose on a trusted home rental platform. In addition, the location and convenience are the focus of my consideration, but it is still the most important thing to find the right house on the right platform.