Are you among the more than 50% of American households that view investing in a rental property as a better investment than the stock market?
Real estate investing can be a profitable way of building wealth and a passive income for the future. But it may seem daunting to buy and manage an investment property.
If you're interested in becoming a real estate investor in the Piedmont Triad, North Carolina, there are several things to consider in order to make your investment a success.
Rental Properties Are Always in Demand
Unlike stocks and bonds, which are volatile and can lose their value, there will always be demand for homes for rent. People need somewhere to live, and not everyone has the ability or desire to own their own property.
If you buy a property and rent it out in good condition, you are virtually guaranteed a return on your investment as you can be sure to find tenants.
Know Your Market
When looking for investment property in the Greensboro/Triad area, you need to do your research. Check the demographics in the area. Find out whether homes for rent are in high demand. Find out average rental rates in the area to estimate how much money you can bring in from different types of properties.
Your research will help you to decide which property will work best for you as an investment.
Decide if You Need to Borrow Money
How do you plan to invest in property? Will you pay for the property outright when you buy it, or take out a mortgage to finance the purchase?
Borrowing money has the advantage of needing less cash available upfront. You can use the profit from your investments to buy more investment property to increase the size of your portfolio faster.
Consider Property Management to Take Off the Pressure
While real estate investing can be a lucrative way of generating income, dealing with tenants can be a challenge. If you want your property portfolio to be a truly passive form of investment, you can use a professional property management service to handle the day-to-day tasks of running a rental property on your behalf.
Property managers do the hard work of finding reliable tenants, organizing regular maintenance and repairs, handling communications with tenants, and processing all the paperwork. They ensure that all the legal requirements are met, giving you peace of mind.
Do some research to find a property management company with local expertise and a good reputation to ensure your property is rented without a hitch.
Make a Success of Your Investment Property
If you are interested in passive real estate investing, you can make your investment successful with lots of research and preparation. If you want your investment property to be a source of passive income, you can use property managers to take on the rental for you.
If you're looking for a property management company in the Triad, North Carolina, we can help. At HomeRiver Group Triad, we work hard to maximize the return on investment for our clients. Contact us today to benefit from our personalized and professional service.