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Revealed: The two most important rules to buying rental property

by , 24 March 2014

There are two big secrets in making rental property work for you. One has to do with the classic “location, location, location” axiom. The other is about the condition of the property you buy. Here's what property expert, Mark Ford says you need to keep in mind when deciding on the right rental property to buy.

When buying rental property, it needs to tick these two criteria

1. Buy properties in your local area
To be a successful investor, you have to know what you are doing. And if you have been living where you are living for any number of years, you already have more knowledge about local property than you think.

You already have a clear idea of the good neighbourhoods, the not-so-good ones, and the ones you need to avoid. You may have developed a feeling for the up-and-comers.

By staying in your local area, you give yourself the chance to really know the market. And this is the most important factor in limiting your risk and increasing your chances for profits –especially when you are getting started in your first rental property investment.

2. Invest in good or up-and-coming properties
The old saying about the three rules of real estate being “location, location, location” is true.

But there are two kinds of good locations: Those that are already established as good, and those that are on their way to becoming good.

To make BIG money from rental property, go for the latter. And that’s where these three tricks can help you coin in money from your rental property investments fast.

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Use these three tricks to boost your rental property investments

  1. In up-and-coming neighbourhoods, buy properties in clusters –either by yourself or with a consortium of buyers. That way, when you all renovate, you’ll upgrade the look of the area you’re in –and this will bring up prices, sometimes even more than you’d guess.
  2. Whenever possible, buy newer, sound structures. There’s nothing worse than managing a rundown building. The tenants complain. They’re reluctant to pay the rent. They treat you like a crook. It’s bad. Be extra careful about the critical and costly things. Don’t buy any rental property that has major problems –a bad roof, rotten plumbing, or burned-out wiring. The cost will eat up any profit you can make.
  3. Develop a network of reliable contractors: A plumber, an electrician, a painter, a landscaper, and –most important –an inexpensive handyman. Doing so will help keep your rental property in tip-top, highly sort-after state.

Now that you know the rules of buying rental property, use them to pick up the best one you can afford and start your property empire today.

Revealed: The two most important rules to buying rental property
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