It's easy to imagine the average landlord as having dozens of properties, but that's usually not the case. Most individual landlords own, on average, 1.72 rental properties.
The point is it's hard to amass a portfolio for your real estate investment dreams. There are hundreds of unique property investment strategies, and they often conflict with each other. What do you need to do to find profitable real estate and manage it?
Today, we take a look at some key rental property tips in Sugar Hill, GA for buying. Soon, you'll be ready to grow your portfolio faster than ever.
House Flips Make Great Rentals
One of the most popular real estate trends in recent memory is house flipping. This is where you take an old, broken-down home and renovate it completely. You "flip" it from destitution to new life.
House Flipping Takes Effort
The big turn-off with house flipping is that it takes a ton of manual labor. You could hire a contractor, but that would get expensive very quickly. Most home flippers buy their supplies and spend long nights and weekends renovating.
That said, it's almost always worth the effort. Spending a few dozen hours renovating can increase the property's value by thousands of dollars. After buying your first property and flipping it, you'll command high rent.
Look for Foreclosures
Foreclosures are an excellent way to get a good home on the cheap. We typically associate the word foreclosure with bad. We assume someone trashed their house before leaving, but that's not necessarily the case.
It only means the family that owned it defaulted on the mortgage. Some foreclosed homes are practically brand new and in excellent condition.
Foreclosed Houses Are Abundant
There are a ton of foreclosed properties on the market. Recent data suggest there are over 30,000 nationwide. Chances are there are several just in your neighborhood.
Invest in New Developments
Another possibility for profitable real estate is to go with a newly built property. New developments start selling homes long before they are built. Buying it before construction tends to be cheaper than buying it after.
Benefits of New Developments
The first benefit is obvious: a brand-new home is unlikely to have any issues. If it does, the contractor will usually fix them free of charge.
Plus, you feel peace of mind knowing that no one lived there before. There's no smell, and nothing is worn down. There won't be any surprises lying in wait that the previous owner failed to disclose.
Hire Property Management with PMI
Rental properties are hard to come by, especially profitable ones. Start with house flipping or buying foreclosed homes, then renovating them for future tenants. Otherwise, look for new development projects and buy a home before construction.
PMI Northeast Atlanta has been helping manage rental units for decades and the Sugar Hill area. Our full-service franchise will help you maximize your earnings on any rental properties you have. Figure out whether you should rent or sell a place using our free calculator.
