Home Flipping or Collecting Rental Property
Rule # 1 Stay in your Local Area.
If you are interested in investment property in Virginia Beach, Suffolk, Norfolk or any part of Hampton Roads, Don Maclary can help you find the perfect income property. Things to consider when searching for your investment property:
Location: For either Rental Property or purchasing homes for sale to flip is important to stay close to home, This makes managing the project or rental easier.
Budget: Don’t get over your head make sure you have reserves to cover the unforeseen.
Home Selection 1: If buying a home to flip know what your completed cost will be leaving a margin for error, The profit you are expecting to net, And what the home should sell for when completed.
* Again leaving a margin for error and the cost of selling the property.
Home Selection 2: If buying a home to keep as a rental (what most investors are doing today) I always suggest the first this to consider for a rental is would you live in it! A property you would not consider moving into is a property that is likely to become a problem rental, This is where most people would make a mistake.
Think of the expression birds of a feather flock together. If you rent to people that think more like yourself it greatly reduces the risk of landlord tenant conflict.
By Don Maclary
Howard Hanna – Realtor
Howard Hanna Real Estate and the Choose A Home Team are dedicated to serving our clients needs by listening to their wants, needs, and goals, This is what many people miss in real estate a plan that works well for one client may be a horrible plan for another. When developing an plan of action for clients there are many moving parts to consider such as budget, starting age, plans to stay or leave the area, personality, job security, etc. So before jumping in head first spend a little time with a Realtor and design a logical plan to move forward with.
Feature Your Home For Sale!
After moving my Aunt into assisted living I listed her condo with Don who was recommended through moving company. I live 8 hrs away from the property – Don’s service has been outstanding; always just within a phone call away and has worked relentlessly to secure qualified buyer. His knowledge of the business is apparent and his professionalism is unsurpassed.
~ Kathy, Real Estate Seller