Are you looking for a multifamily investment property? If so, what is included on your list of criteria when shopping available options? If the five must-have features listed here are not on it, then it’s time to make some adjustments in your search if you want a property that will perform for years to come.
- Location. Yes, it’s true that not every property can have the most appealing location in town; but that shouldn’t stop you from trying. In addition to lower maintenance, most tenants rent out of convenience. And, because of this, the property they choose should be centrally located to restaurants, shopping, markets, and public service buildings (library).
- Safety. Going hand-in-hand with location, tenants are going to want to live somewhere that is safe. With the ability to choose in which property you will invest, doing your research about neighborhoods, their crime rates, and available safety measures will go a long way in marketability, especially when it comes to marketing to families.
- Structural stability. Just like with a primary residence, you want to seek out properties without foundation issues, significant roof damage, or other structural issues that may sink your budget or worse. While purchasing a like-new property may be out of your price range, purchasing one that is too much of a fixer-upper may prove even more costly if you’re not careful. So, get a thorough inspection before making any decisions, and plan to spend a bit more money on a good structure, while saving on aesthetic issues that you can improve.
- Working guts. Yes, guts. These are the inner workings of any building and can prove extremely costly in repairs as well. Ask questions. Look into electrical, plumbing and HVAC situations and have licensed professionals verify any information. It may be an added up-front, out-of-pocket cost, but it will save you big time in the long-run.
- Property Management. Even before you get out there and begin your search, it’s necessary to have a property management company working with you to help ensure your decisions are informed. Some investors make the mistake of deciding which provider to work with only after the purchase decision has been made; but it is these investors who are missing out on all the added value PMs can bring to property analysis.
Find out how we can help you make the best multi-family property investment decision today. Call us at 817-908-1460 or email us at firstname.lastname@example.org.