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There is no question that owning residential rental property can be a very lucrative business, especially if you know what you’re doing. However, building your portfolio can be a little daunting, especially if you’re looking to unfamiliar regions for real estate investing. Rochester NY, for example, is catching the attention of buyers thanks to its great neighborhoods and relatively low prices. There are plenty of things to look out for when buying a rental home, from the kind of neighborhood it’s in and nearby amenities, to how high the taxes will be. Here are the top features to consider when buying a rental investment property. Location is Everything When it comes to expanding your portfolio in real estate investing, Rochester NY is a great example of the importance of location. You want to buy a place that is attractive to good renters, which means finding a neighborhood that is safe, has great transport connections, is close to local amenities and – importantly for any investor – has low property taxes. Keep an eye out for areas with a growing population and a flourishing job market. These will be tell-tale signs that properties in the location have the potential to increase in value. Property Condition Unless you really want a fixer-upper, you don’t want to be looking at rentals that need a lot of work. Ideally, you want a place that is ready to rent out as soon as you’ve taken ownership. Things to consider when assessing a property are its age and the condition of the structure in terms of things like the roof, the plumbing and electrical systems. These are all aspects that shouldn’t need extensive updating. Appreciation Potential Some people are so focused on how much rental income they can get out of their property that they miss another key point of real estate investing. Rochester NY demonstrates this important factor perfectly: appreciation potential. When buying a rental home, you should also be thinking about how much you could sell it for in the future, with the aim of making a profit. Look for locations that are seeing a lot of infrastructure development and population growth. Rental Market Analysis It’s highly recommended that you conduct a thorough rental market analysis on the area you’re interested in. Real estate investing, Rochester NY or elsewhere, can be profitable but it can also be fickle. One way to ensure that you’re making the most informed purchase is by delving into the data of the market. Understanding the rental market in this way will be a game-changer for your portfolio. Remember, when looking for your next real estate investment that location is king and a decent, well-maintained property comes a close second. There are plenty of other important factors to consider as well, however, a sure way to succeed in your new venture is to work with the best people. Hiring a great property management team will ensure that your investment grows in value and is a financial success. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international clients. When it comes to real estate investing, Rochester NY can be an extremely profitable location. Providing a holistic service for both commercial and residential properties, Torres Turn Key brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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