Answers to your questions.
IS IT A GOOD TIME TO BUY INVESTMENT REAL ESTATE?
If the numbers work, it is a good time to buy. Here’s what is important to understand. It doesn’t matter if is a good time or not because if the numbers work and you will make a profit you should buy.
With that said, let me add that NOW is a great time to find more properties where the numbers work because the price of real estate is down in most areas. Tis means it is easier to find investment properties that work.
So here is my rule. Find good properties, in good areas and don’t worry about whether the value is going up or down. Just make sure that the area is desirable enough to draw good renters who will pay the enough rent to cover your costs and eventually will pay for your property. Once you property is paid for…it is now a cash cow and will produce income for as long as own it AND it really doesn’t matter if the value goes up or down.
IS IT EASY TO FIND RENTERS?
Yes, currently near 40-50% of the US population are renters. It is easy to find them using advertising and the Internet (Craigslist, For rent site, Etc.).
Finding renters is not a problem but you need to have a system to select the best renters. My suggestion is to start with a non-discrimatory (don’t violate discrimation laws in your area) profile of the type of renter you want.
As an example: You may want an renter with an income at least three times the rent, You may want a renter who has stability and has lived in their last place at least two years or more. You may not want them to have a pet or not. These are all the things you shopuld think about before you select a renter.
More answers to follow…..
More to come….