Jan 12, 2021
Are you planning to buy an apartment in Brooklyn or in some other neighborhood of New York and put it up for rent? That is the simplest way to get started in real estate investing. If this is the first time you are venturing into this activity, the best is to learn more about the subject. The more you know about the subject, the better your results will be.
To help you with this, in the following article, experts from the housing complex Ebbets Field Apartments, offer you some tips for investing in properties for the first time.
Many people decide to invest in residential properties and rent them for an additional source of income. Ebbets Field Apartments housing experts indicate that this can be a great way to obtain money passively, especially if you acquire more than one property in an attractive location.
The more tenants you have, the greater income you will get each month. Now, before starting to obtain stable income through your properties, it is necessary to understand how the real estate market works.
Many people have the only strategy to invest in properties that are located in areas where the rent is quite high. That is not a bad idea, but there are other much more important factors to consider. Ebbets Field Apartment experts highlight two particularly important factors: the growth of the area and the trends in the area.
When you have done a research on the area, considering these factors, it will be much easier to choose a property that fits the budget and needs of your target audience. Having this information will save you many inconveniences.
You will undoubtedly find properties with very affordable prices in very attractive markets. However, they are likely to be second-use properties and in need of some repairs.
Experts from Ebbets Field Apartment, a housing complex located in Crown Heights neighbourhood, indicate that you should keep in mind that you must offer comfort to your tenants. Ebbets Field Apartment experts assure that you will have a hard time finding or keeping tenants in an apartment that needs repairs every month. That is an unattractive property.
“No matter how tempting it is to buy a property at a very low price, think twice before doing so. It may seem like a perfect deal at first, but in the long run it will only cause you more stress. In the end, you will have to spend more time and money than usual on constant maintenance and repair. This could even obstruct your earnings,” says an expert from Ebbets Field Apartment housing complex.
Therefore, according to Ebbets Field Apartment housing experts, when selecting properties to invest, it is best that you stay away from those that require many repairs. Focus on new apartments whenever possible, as these will better retain their long-term value.
Possibly you think that premiere properties can be somewhat expensive. However, experts from Ebbets Field Aparments (find them on Facebook) indicate that there is a way to access these for a lower price: apartments in plans or under construction. They usually have a much lower cost than an immediate delivery and are a great option to invest.
Now you have a better idea of how to start investing in real estate. Do a little preliminary research, analyze the sustainability of each property and find a property that offers you the highest income.