Tips for Investors looking to invest in Real Estate
This is a good time to invest in Real Estate. Prices are low and rents are increasing in many parts of the country. There is great demand for rentals. There are also opportunities to buy fixer uppers and foreclosures , fix them up and flip them. If you have been thinking of investing in Real Estate first decide whether you want to flip it or hold on to it and that will determine your strategy.
FINANCING
First determine how much cash is available for the investment. This should cover down payment, closing costs and repairs as well as vacancy. You can buy a property that is already rented but remember that when the tenant moves out there will be vacancy. It may take a few days to get the property painted and ready for next tenant. If you are going to hire a management company to find the tenant, you have to pay them a fee. Once you find tenant you can either manage the property your self or you can hire a property management company.
Talk to a lender and see how much you qualify for and the down payment required. If you are looking to buy fixer uppers you should look for lenders who will finance fixer uppers. Not all lenders finance homes that need a lot of work.
Talk to an accountant for tax implications and tax benefits.
FINDING THE RIGHT AGENT.
Work with a Buyer's agent who will help you locate properties in areas where there is great demand for rentals.
FINDING THE RIGHT MANAGEMENT COMPANY
The agent who helps you when buying the property may not be managing properties. You should interview Management companies and read the terms of their contract and choose based on references.
Have a Good Handyman.
It is important to have a good handyman . Tenants usually call for minor problems.They may have lived in apartment complexes where they have on site management.
Have Service Contract or Home warranty
You should have service contract on Heater/ Airconditioners or have a Home warranty. You can look up home warranty companies on the internet.
If you are looking to buy investment properties in Bucks and Montgomery counties call Gita Bantwal at Re/Max Centre Realtors 215-343-8200x124 or direct 2152758491
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.
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Great detailed post Gita! Very important information to get out ther with so many investors now!
Benjamin, Thank you.
Gita, great post with very helpful information for those who are looking to become investors.
Cal
Cal, this is a good time to invest in Real estate.
Hi Gita. If you are coordinated learn how to become handy.