subject: Residential Investment Property: What To Remember [print this page] Real estate investing can be very enticingReal estate investing can be very enticing. One of the most common forms of property investments today are residential property investments. These include townhouses, flats, condos, etc. Each of these properties produces different returns. If you want to give residential property investing a try, there are a few things that you need to be mindful about.
Property management Property management can be quite a tedious job especially if you are just a beginner in the industry. In particular, handling tenant turnovers can be a big headache. It is very important that you keep yourself aware and familiar with the possible problems that could arise when managing your properties.
Initial costs This is one of the biggest additional costs when acquiring real estate investments more often than not, reaching six percent. Before you take the big leap, always allot budget for such expense. Another thing to keep in mind when investing in residential property investments are the legal fees.
Maintenance costs Property investing can offer you a wide range if benefits. However, maintaining investments can be quite expensive. To monitor your earnings, always calculate your earnings on a regular basis. You may seek help from an accountant to help you keep track of your earnings.
Marketing How do you market residential investment property? The answer will have to depend on the type of residential property that you have. For instance, condos usually appeal to the younger market young professionals, bachelors, etc. Instead of simply posting your advertisement in the Classified Ads, you can try coming up with enticing brochures and distribute them in areas where you are most likely to get the most traffic. Bear in mind that since the competition in real estate investing is tough today, you need to come up with more creative and non-traditional marketing campaigns. Think out of the box. Some even use T-shirts and truck boxes for advertisements.
Investing in properties can be a lucrative venture. Before you take on any action, find time to educate yourself about the niche that you want to venture in. Enrolling in real estate seminars, browsing online materials, and joining real estate investing (REI) clubs can be a good idea. Equip yourself with real estate knowledge, secure financing, study your market, and network. All these will help you achieve successful and profitable residential property investments. For more tips on managing residential investment properties and on real estate investing in general, check out www.REIWired.com.
