Tips on Buying Investment Properties
Are you striving to be a landlord or wanting your home to pay for itself? Have you ever thought of owning a Duplex, Triplex or Four-plex?
According to Anchorage Housing Finance Corporation, AHFC, after conducting a 2012 survey, they found the average monthly
price for a one-bedroom apartment to be $954, the cost of an average two-bedroom apartment to be $1,394 and three and
four-bedroom apartments each averaged near $2000 every month and the vacancy rate to be around 2.6%. With the low vacancy rating rentals are immediately rented the minute the other tenant is gone. (Alaska Journal of Commerce, Shrinking land a growing problem for Anchorage Market, 2013)
Here are some tips to help you take advantage of purchasing an investment property:
Know your rights and your tenants rights - If your going to be a first-time landlord, make yourself familiar with the Landlord Tenant Laws. The last thing you want to do is see yourself in court where you are the defendant.
Do some research - You may want to do some research to see how much the average rentals are going for in the area you decide to buy in. Not all areas of town have the same rental rates, as well as condition of neighborhoods. Location is key to most families.
Save for a rainy day - Stock up on your reserve funds, you never know when you'll need those funds in case of an emergency. Now that you're the landlord, you'll be receiving that call when the sink or roof springs a leak or when the washer machine goes on the fritz.
Have your contractors/repair guys number handy - Just like having emergancy numbers handy, you'll want to keep your contractor numbers handy just incase you need to give them a call at the spur of the moment. Having someone lined up also saves you headaches of trying to figure out who to call to fix your problems.
Just keep in mind, when buying an investment property there are other things to consider before you think of saving on your mortgage payment.
Start your search here for investment properties in the Anchorage Area
Here are some tips to help you take advantage of purchasing an investment property:
Know your rights and your tenants rights - If your going to be a first-time landlord, make yourself familiar with the Landlord Tenant Laws. The last thing you want to do is see yourself in court where you are the defendant.
Do some research - You may want to do some research to see how much the average rentals are going for in the area you decide to buy in. Not all areas of town have the same rental rates, as well as condition of neighborhoods. Location is key to most families.
Save for a rainy day - Stock up on your reserve funds, you never know when you'll need those funds in case of an emergency. Now that you're the landlord, you'll be receiving that call when the sink or roof springs a leak or when the washer machine goes on the fritz.
Have your contractors/repair guys number handy - Just like having emergancy numbers handy, you'll want to keep your contractor numbers handy just incase you need to give them a call at the spur of the moment. Having someone lined up also saves you headaches of trying to figure out who to call to fix your problems.
Just keep in mind, when buying an investment property there are other things to consider before you think of saving on your mortgage payment.
Start your search here for investment properties in the Anchorage Area
Comments
Post a Comment