If you are considering buying a property that you intend to rent, no matter if it is a house or a multi unit, it is in your best interest to understand what is going on in your local rental market.
In some areas that have been hit hard by foreclosures we are seeing increasing amounts of home being offered for rent, thus an increase in the local vacancy rate for that area.
One thing to understand is that you are going to have a hard time overcoming or beating the local market vacancy rate unless you basically give away the property or rent to less than desirables.
Therefore the local market vacany rate should be considered when you are looking at buying a property for a rental. If the current property has vacancies are they able to be filled or is the property currently performing at peak performance based on the local market vacancy rate. If it is performing at peak levels, you will need to buy the property for less to get it to cashflow on that norm and not base your purchase on the "proforma" of the property.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
If you are considering buying a property that you intend to rent, no matter if it is a house or a multi unit, it is in your best interest to understand what is going on in your local rental market.
In some areas that have been hit hard by foreclosures we are seeing increasing amounts of home being offered for rent, thus an increase in the local vacancy rate for that area.
One thing to understand is that you are going to have a hard time overcoming or beating the local market vacancy rate unless you basically give away the property or rent to less than desirables.
Therefore the local market vacany rate should be considered when you are looking at buying a property for a rental. If the current property has vacancies are they able to be filled or is the property currently performing at peak performance based on the local market vacancy rate. If it is performing at peak levels, you will need to buy the property for less to get it to cashflow on that norm and not base your purchase on the "proforma" of the property.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125