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by Bill Knell
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The market for rental houses is as strong as the demand for new homes. Why not have your cake and eat it too through buying to rent!
With home sales at a record high, it might surprise you to know there is an equally strong market for rental properties. A constantly moving population of business professionals and financial over extension in the 1990s are the primary reasons why an ever-increasing number of people will be renting suitable properties instead of buying a home this year. This is great news for real estate investors!
The robust house rental market is allowing smart investors to have their cake and eat it too. Instead of buying a home, fixing it up and trying to flip it for a profit, real estate investors can turn the home into a rental which provides a positive monthly cash flow. And the home is always there to be sold if the need arises.
It varies by region and the typical age of houses in a particular area, but the general rule for purchasing a property that’s optimum for becoming a rental is a house less the fifteen years old with easy access to major highways and shopping areas. Homes should never be out in the middle of nowhere and always less then a forty-five minute drive to major business areas. Three bedroom houses that have central air conditioning and come with all major appliances (including a washer and dryer) are likely to fetch a higher monthly rent.
Many investors shy away from rentals because they’ve heard the horror stories told by landlords who chose the wrong tenants. But that has become the exception to the rule. Most people who need to rent a home have good credit, a solid record of on time rent payment and solid employment. Some are professionals whose job requires frequent relocation. Others have purchased a new home and are waiting for it to be built. In places like Phoenix where I live, a population boom has extended the waiting time to move into a new home.
Finding qualified tenants has become easi |
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