Search on Your Own
While you may want to heed the advice of a real estate agent that’s going to complete the rental property transaction for you, you should remain active in searching for properties on your own. Take an unbiased approach to all properties that you look at and jot down what potential they have based on your observations.
The neighborhood that your rental property is located in typically determines the type of tenants that you’re going to attract as well as how often your rooms will be vacant. Be sure to choose a neighborhood that you feel comfortable with along with the potential high value that it can yield.
Be sure that you take a look at the crime levels surrounding the area that you are purchasing in. Nobody wants to live in a neighborhood that’s constantly under criminal threat. This not only affects your tenants but you’ll also have to deal with the potential vandalism and thefts that could occur around or on your property.
If you want to make a steady income through a rental property, take a look at the area’s tax information. By doing so, you’ll be able to determine how much profit you’re going to make as well as how much you’re losing to taxes after all is said and done.