How to Choose a Profitable Rental Property

rental property

From the first decision to invest in real estate to actually buying your first rental property, there is a lot of work to be done. Let’s take a look at things you should consider when considering to purchase an income property.

Starting Your Search

You will want a real estate agent to help you complete the purchase of a rental property, but it is not a bad idea start searching for your investment on your own. This will allow you to communicate what types of properties you are interested in with your agent.  To search for investment properties click here.

An important thing to consider is whether you intend to actively manage the property (be a landlord) or hire someone else to manage it. If you intend to actively manage, you should not get a property that’s too far away from where you live. If you are going to get a management company to look after the rental where the property is in proximity to where you live will be less of an issue

Things you should consider when searching for the right rental property.

Neighborhoods

The quality of the neighborhood in which you buy will influence both the types of tenants you attract and how often you face vacancies.

Property Taxes

Property taxes are higher in a second home so, as an investor planning to make money from rent, you want to be aware of how much you will be losing to taxes. High property taxes may not always be a bad thing if the neighborhood is an excellent place for long-term tenants.  Visit town’s assessment office to get the tax information on file.

Schools

Your tenants may have or be planning to have children, so they will need a place near a decent school. When you have found a good property near a school, you will want to check the quality of the school as this can affect the value of your investment. If the school has a poor reputation, prices will reflect your property’s value poorly.

Crime

No one wants to live next door to a hot spot for criminal activity. Go to the police or the public library for accurate crime statistics for various neighborhoods.  Ask your police department about vandalism rates, serious crimes, petty crimes and recent activity. You might also want to ask about the frequency of police presence in your neighborhood.

Jobs

Locations with growing employment opportunities tend to attract more people – meaning more tenants. To find out how a particular area rates, go directly to the U.S. Bureau of Labor Statistics or to your local library. If you notice an announcement for a new major company moving to the area, you can rest assured that workers will flock to the area.

Amenities

Check the potential neighborhood for current or projected parks, malls, gyms, movie theaters and restaurants, plus all the other perks that attract renters. Visit the Chamber of Commerce have loads of promotional literature that will give you an idea of where the best blend of public amenities and private property can be found.

Amount of Vacancies

If you are buying a previous rental property, the vacancy rates will give you an idea of how successful you will be at attracting tenants. High vacancy rates force landlords to lower rents in order to snap up tenants – low vacancy rates allow landlords to raise rental rates.

Rents

Rent will be the bread and butter for your rental property, so you need to know what the average rent in the area is. If charging the average rent is not going to be enough to cover your mortgage payment, taxes and other expenses, then you have to keep looking. Be sure to research the area well enough to gauge where the area will be headed in the next five years.

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Neighborhood Spotlight of the Week – Brookstone Meadows

Brookstone_Meadows_Golf_Course_-_Brookstone_Meadows_363880

Brookstone Meadows is a community development  located on 340+ acres and features a golf course  that is simply second to none.

The signature layout  golf course is designed to  take full advantage of the  natural, rolling terrain.  Its’ eighteen-hole layout  features four sets of tee  boxes, allowing golfers of  all ability levels to enjoy  the course.

Designed by  Tom Jackson, the award-winning  architect of the  Cliffs at Glassy.

Brookstone Meadows has taken its place as one of  the most scenic layouts in the Carolinas.  And a  perfect place to call home.

Brookstone Meadows amenities offer two tennis courts, outdoor swimming pool, walking trails, small park areas, and a Clubhouse which also includes the golf course Pro Shop.

Brookstone Meadows is located in Anderson County just of I85 and is approximately 8.5 miles from the City of Anderson and about 20 miles to Greenville, SC.

The community offers many price points within the sub-communities to provide a variety of home designs to meet a variety of lifestyles. The scenic valley and golf course views, private community setting and landscaped yards make Brookstone Meadows a great place to call home.

Come Experience All That Brookstone Meadows Has To Offer!

Click here for homes available in Brookstone Meadows.

Click here for more information about the award winning golf course.

Unique Hartwell Waterfront Opportunity!

Don’t Miss Out On This Rare and Unique 6 Bedroom 4 Bath Waterfront Duplex! Offering Endless Possibilities Of Live/Income, Large Family Home, Investment, Multi- Family Purchase and So Much More! See all the details of this home at  http://hokepowell.kwrealty.com/listing/mlsid/377/propertyid/20144946/

 

132 Lakeland Drive

132 Lakeland Drive

 

Summer Is On The Way! Thinking Of A Lake Or Mountain Home?

 

Well the warmer weather is on the way and most of us start thinking of all the fun water activities that “The Land Of Water” offers us here in the Upstate. With all the great deals on homes and property around it would be a great time to invest in that lake or mountain home to give you or your family years of enjoyment and memories! Lakes Hartwell and Keowee as seeing an explosion of sales due to the low interest rates and great deals that can be had on either in this recovering market. Don’t miss out on your chance to own your own piece of the water! Check out these great deals or search our entire @ http://www.hokepowell.com  site to find the home that is right for you! Click these pictures to go directly to there info pages!

$ 239,900

$ 239,900

$ 243,000

$ 243,000

 

$ 900,000

$ 900,000

$ 499,900

$ 499,900

 

Incredible Hartwell Waterfront Home With Views Abound!

Would You Like To Own This View?  If so get in touch or check back,  This Incredible 3 Bedroom 3 Bath + Bonus/4th Bedroom Home Could Be Yours! Direct Lake Hartwell Waterfront With Over 100ft Water Frontage, Updated and Upgraded With Custom Features And Finishing Throughout! Perfect Vacation or Full Time Residence Located On Deep Water With Double Decker Dock In Place! Must See This Home To Believe! http://www.hokepowell.com

Open Water Views

Just Listed! Old North Anderson Bungalow Steps To Linley Park!

Looking For Charm and Character? How About Convenience To The Park, Shops, Hospitals, Grocery And Downtown? Then Look No Further, This Charmer Has It All! Spacious Bedrooms, Open Concept Kicthen and Living, Spacious Front and Back Yard! Get in touch Today For More Information On This Deal!

417 Glenwood Ave 417 Glenwood Ave

 

Featured Upstate South Carolina Listings

Looking For Your Next Home?  Check Out These  Links For Featured Upstate Listings and Get In Touch Today!

www.hokepowell.com

Featured Upstate SC Listings

1909 Northview