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Published on March 16th, 2014 | by Chris Snell - Rental Success


Tips For Investing in Rental Properties – Tips to Become Successful

Tips For Investing in Rental Properties  

Tips to Become Successful

Whether you want to invest in real estate as a full time job or just make some extra money, don’t be afraid of the current state of economic affairs. Investing in real estate has and will always be a great way to make money. Professional property managers and rental property companies now specialise in rent out your property for you. There are numerous rental property services that you can hire now and enjoy peace of mind with owning an investment property. Here are some tips for investing in rental property.
When it comes to the type of property you purchase, of course you want to look for a good value. Lately there are tons of houses available through auction or foreclosure. You can also find many deals that are in pre-foreclosure. Look around in the neighborhood that you are interested in. You might find some good deals without doing a lot of online searching.
Look for motivated buyers. When investing in rental property you want to get the best deal possible and you’re more likely to get a better deal when the sellers want to close quickly and move on. Some motivated buyers are: 
  • people who have already bought their next house. Right now they are paying two mortgages. Or sometimes they can’t close on their new deal until they have sold the old house.
  • a couple who is going through a divorce. Most will try to sell the joint property to make a clean break.
  • a landlord who is unhappy with current tenants or unable to handle the responsibility of rental properties. Some people may start out in real estate thinking it’s a good business idea, but just don’t have what it takes to be successful.
  • an out of town property owner. It can be very hard to manage a property when you’re not close by to make inspections or arrange for maintenance. This owner may be looking to unload the out of town property and find something closer to home.
Another tip for investing in rental property successfully is to find property in a good location. You can get top rental dollar for a place that is close to popular amenities such as public transportation and eating places. If you’re targeting college students with no cars you want to find a place within walking distance of the things they need to get to. Figure out who you want to market to and think about the things that they will want. 
Submitted by Chris Snell, Property Manager Melbourne, Rental Success Blog.
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About the Author

Chris Snell is a licensed real estate agent and started his property career in 1992. Chris has experience in real estate sales and rental property management services. Chris has developed an excellent professional knowledge of all matters associated with rental property management and tenancy related issues. Chris manages a top tier property management company and aspires to educate property investors and landlords on the important aspects of rental success.

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