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Generic Advice for Buying a Low Cost Investment Property

Property manager AND landlord's insurance?

Worst house on a good(ish) street than best house in a bad area?

Anything else?

Thanks

by Anonymousreply 4January 13, 2022 1:15 PM

The most modest house in a good neighborhood is the best investment.

by Anonymousreply 1January 13, 2022 5:59 AM

Find a house where a mass murder has occurred. It’s a steal!

by Anonymousreply 2January 13, 2022 7:17 AM

low cost?

while difficult in these times:

buying land near an outdoorsy tourist destination; details vary on local offerings, so like fishing obviously get as close to boat/river/lake access as possible & make sure the lake is stocked, still a popular enough destination to take a chance on this sort of thing.

examine the laws on "hunting cabins" or primitive dwellings in the area

because you can build something off grid for a relatively low cost without much oversight

and workout a deal with a local property manager or someone else in the area for maintenance & rentals

though getting a generator and offering other perks helps with increasing rentals and stay time. . . though the more you invest into those kind of properties the more secure you might want to be. So, then it's looking homes with acreage, so you can live-in or rent out the main home and work out deal for them to manage the property. Although, it's not as if you can't treat both as seasonal rentals plus that opens potential for weddings and the like.

it's a fair way to start out with a low investment.

There's various other land options for closer to towns and cities but runs in creating a business.. space for flea markets, food trucks & daily direct farm vendors, parking, rv/truck/boat storage, actual storage units, etc.

Though like with most things, it's all about the niche you want to serve.

like you you can buy a crappy small space near a university and do reasonably well year after year. There's no shortage of students that desire to live off campus.

the high gamble on longterm investments by watching neighborhood trends and predictions, mini-booms with industry moving in. . . and biding your time waiting for surrounding real estate values to rise.

by Anonymousreply 3January 13, 2022 7:58 AM

no fireplace, no pool, no balcony = better for rentals, as less potential for problems. buy a modest house with garage near a university or other amenities. 3-4 bedroom is better for higher rents. get a decent property manager with references. get rental insurance. don't forget depreciation on taxes and keep all receipts for tax write off. repaint interior light neutral colors. no fancy or specific style. bland is best..

by Anonymousreply 4January 13, 2022 1:15 PM
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