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Boston Luxury Condos for Sale and Rent
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Buying Investment Property –
With so many uncertainties in today’s economy, it is difficult to evaluate the options that might be worth investing your money in. Investments hold potential risk, yet the return could prove to be substantial. Many Investors believe real estate is more sound than investing in the stock market right now – others, concerned about the upcoming election, think cash and liquidity is the smart move. Putting your money into investment such as Boston downtown real estate, for example, has a risk of declining rents or deflation – factors that I personally would weigh before buying investment property; however, if you’re timing is right and the market is right, you stand to gain a great deal. Let’s face it – we all would like to be the future Mr Warren Buffet !
First: Are You Prepared to Invest Your Time and Money?
Owning and maintaining investment Boston downtown real estate might prove to be a financial burden and take up a lot of time and money. You have to search out affordable properties, learn about the area, vet tenants, maintain the property, and have plenty of start-up capital to make it worth your while..
Second: Location Is Key For Your Investment Property
Your Boston downtown property doesn’t need to be in the most expensive part of town, but you want to make sure it’s right for your vision. What is the crime-rate?
You never want to blindly invest in property, so invest in somewhere that you know and can follow up on.
Third: Types of Investment Real Estate
For first-time investors, start small. Don’t worry about that penthouse Boston high rise condo. start off with smaller properties for sale. Make sure the property is worth your time and effort. Beware of properties that are too good to be true.
Fourth: Financing
If you have steady income, a good credit score, have a good debt-to income rating, and pay your bills on time, then obtaining a loan is in your best interest. FHA loans can help you acquire a property with little down payment (as low as 3.5% of the total price). Speak with other Boston downtown real-estate agents in the area to find out which loans have lower interest rates and have incentives for homebuyers.
Fifth: Property Management
Being a Landlord is a serious business, and if you are willing to get your hands a little dirty, then you can save a lot of money by managing your first property by yourself. If not, keep a list of professionals handy for routine maintenance.
When you invest in Boston downtown real estate you aren’t just going to sit back and collect a check. You have tenants, property maintenance, and insurance that all play a big part in your investment.