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How to Build A Rental Property Money Machine
If you are looking for a steady, income-producing investment that isn't dependent on the ups and downs of the stock market, rental property is just the investment you're looking for!
As lucrative as owning rental property can be, the wrong property can be a bottomless money pit. You need to know how to go about locating property, finding tenants, managing the rental, and how to make your investment profitable. Many first-time landlords learn lessons the hard way. They end up spending thousands of dollars on repairs, chasing after tenants for rents, and are constantly being called up in the middle of the night to take care of minor repairs such as burned out light bulbs. If this sounds like you, instead of throwing in the towel, learn from your mistakes. For some investors, it may be as simple as starting to treat their rentals as a business.
The right way
Start fresh from the beginning. Utilize a return-on-investment (ROI) formula in order to determine what you need to charge for rent in order to have a positive ROI. If the market in your area cannot bear the amount of rental income needed, you may want to consider selling that property. Also, learn the value of proper tenant selection and a solid lease agreement. Using these two approaches will make being a landlord a pleasant and profitable experience.
Locate properties effectively
Every single residential property is a potential investment winner and no property should be discounted without consideration. Hone your search by spotting the "dynamic" properties among the "duds."
Strategy: Look for properties in local neighborhoods where home prices are stable and appreciating. Stable and appreciating neighborhoods ensure the preservation of your investment and can provide additional return-on-investment through appreciation of your property.
Strategy: Look specifically at middle to low end of the price range in neighborhoods. It is there that you will find more room for appreciation of property values.
Do the math before you buy
Once you have zeroed in on a prospective rental property, run your numbers through your Russ Whitney Real Estate Success Software or use the following return-on-investment (ROI) formulas to determine whether to make a purchase offer or to move on to the next property.
Russ Whitney - Real Estate Millionaire, best-selling author and CEO of Whitney Information Network, Inc. Russ Whitney is a hard-driving, intense achiever and leader who never slows his tireless pace. From running a multi-million dollar educational company to spending time with his family Russ Whitney is the picture and embodiment of success of the American Dream.
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