Investing in real estate particularly single-family rental properties can be an excellent way to help expand your portfolio and begin your path to financial independence. While there are many investment options worth considering, one of the easiest to manage are long term, single-family rental properties.
Single-family rental properties are houses investors purchase and then rent out to tenants. While many investors may purchase and rent a property as-is, others might renovate or even flip the property before making it available to rent, thus increasing the property value and monthly rental price.
What to Know When Searching for Your Investment Property
If you’re hoping for long term revenue, you’ll need to carefully search for a property that is low-risk and can generate steady and reliable ROI. This might often mean purchasing a more expensive property in a popular neighborhood or in a good school district, in order to secure the demand for your housing.
Other factors to consider when searching for the right area include an affordable cost of living, good job opportunities, low crime rates, and population/local economy growth. You don’t have to limit yourself to properties that are nearby your physical location, either. You can purchase single-family homes anywhere across the country and partner with a property manager to help you manage your tenants’ needs.
A real estate agent with a keen eye for investing can help you weigh the pros and cons before purchasing your single-family rental property.
Determine a Management Strategy
Even if you only want to own one single-family rental property, you’ll need to manage tenant requests, rent payments, and home repairs. Figuring out if you can handle most of this work on your own or if you’d prefer to hire help will help you determine how much time and money you’ll need to spend managing your property.
Planning for these expenses upfront will save you from surprises down the line.
Think Outside the Box
A vacant home is the main way you will lose money on single-family rental homes. If your home is in-between tenants or you’re not ready to rent it out long term, consider renting it out as an Airbnb, so you’re still generating some income. This works particularly well in cities and areas close to popular attractions.
Don’t Limit Your Investments
Once you have established one single-family rental property in an area you feel confident will generate good revenue, you can then take some of the profit you’re earning and roll that into your next investment. You can buy in the same area or find another profitable neighborhood to purchase single-family homes in.
Stop making excuses — just get out and do it!
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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