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6 Tips for Success When Buying a Rental Property

Work with Our Experienced Idaho Hard Money Lenders!

Idaho’s hot real estate market offers many profit-making opportunities. With the demand for housing in Boise and surrounding cities showing signs of staying strong, it’s a great time to look at long-term real estate investment strategies.

Knowing the pitfalls to avoid when purchasing a rental property is the first step towards success. Research, preparation and know-how help guarantee a solid ROI.

Follow these tips when considering an investment property purchase.

Tips When Purchasing a Rental Property for Investment

  1. Research prospective ROI: Evaluate the property’s potential to generate income and cash flow. Research risks. Become familiar with the neighborhood and the rental target market.
  2. Assess rent potential: Look at comparable properties. Research local demand and rental occupancy rates. Crunch numbers to determine rental rates needed to cover costs.
  3. Inspect the property: Do a property walk through inside and out. Note the condition of the roof, appliances, windows, basement and foundation. Hire a licensed building inspector for detailed upgrade/repair report.
  4. Gather support team: Assemble an experienced team of professionals (agent, appraiser, attorney, lender, electrician, plumber, painter, contractor.) Research property management companies.
  5. Evaluate your costs: Account for all expenses including renovation, maintenance, repairs. Budget for contingency funds. Include fees if using a property management company.
  6. Create exit strategy: Think about the future. Have plans in place for selling the property due to investment upgrade, emergency or a stagnant rental market.

Take the above steps and you’ll be better prepared to see a healthy return on your rental property purchase.

Our Hard Money Lender Team Offers Fast Cash Loans

Idaho continues to gain in popularity as a move-to destination. It’s a great time to invest. We offer equity loans to real estate investors throughout the state. As private money lenders with over 30 years’ experience, we enjoy sharing our knowledge about the local housing market along with fast, friendly loan service to our clients. When conventional lenders say no, Gregory M. Russell provides fast cash, hard money loans that help you achieve your investment goals. Give us a call at 1-888-477-0444 today to learn more.

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