A lot of times, people who want to make the jump into investment property don't have the time, or patience, to go through a simple counseling session to determine which types of properties will help them toward their financial goals.
Occasionally, some of these same people are planning to relocate in the same area where they currently live. It might be moving up, or downsizing. A thought to the old "killing two birds with one stone" phrase is to purchase the second residential property, and convert the first residential property to an investment property.
No financial analysis as to the merits of an investment purchase is necessary because the owner already owns and even better, knows how the property has been maintained.
All that is left is a financial analysis of the area to determine market rents, advertise for and locate a new resident (I really dislike the term "tenant" in residential investment management) and determine whether the owner can withdraw some equity from the property to help with purchase of the "replacement" residence.
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