As real estate investors in the Baltimore, Maryland and surrounding areas, we’re here to share a few tips with regards to picking out a property that will help you reel in money faster than you can sign your name on the deed. Here’s our quick rundown on where to start if you’re a neophyte investor looking to bank on some real estate.
Comparable Home Pricing
Figure out what a property is really worth by doing a little comparison shopping – see what other houses in the area are going for to measure the value of the real estate you are considering. If you’re acquiring a rental property, check out other rentals in the area and see if the property managers are able to keep the units filled with tenants. Make sure the price of the property allows you to charge a reasonable rate for rent; too high, and you will only be attracting the kind of dwellers who are looking to become homeowners rather than renters because of their income level.
Leave the Tax Laws
Here’s the thing: tax code fluctuates all the time, so your investment shouldn’t be based solely on current tax laws. Focus instead on finding a property that is truly a good fit for your needs that offers great financing.
There are a lot of routes to take when it comes to real estate investments. Maybe you want to acquire fixer-uppers. Or perhaps you want to act fast on foreclosures. Maybe instead you only want to buy houses that allow for low down payments. Whichever way you choose to go, it’s easiest when you’re starting out to pick one approach and become a specialist in acquiring that type of real estate.
Want more insights from the Maryland real estate investors at the Team Edge? Tune back next week as we offer more advice on launching into the land of real estate investments.