We all realize the real estate market has been a little “down in the dumps.” But things are looking better than you’d think! Though rock bottom seems unavoidable, we may be moving back up sooner than we thought. We seem to forget that no matter which direction the market is turning, Americans will always need a house to live in! So not to fear, just think long term investments.
If you own property or want to make money in the market today, the way to do it is to rent out property. We have always been a nation of renters. Over the past 50 years, however, we gradually moved towards home ownership. There are still many people, however, who rent and some people who prefer to rent. Home ownership is a responsibility that not everyone wants to take on.
You can make money in the real estate market today by renting out property to others. You can rent out your own home instead of selling it if you are planning on moving, or even purchasing property to rent to people. If you are looking for a rental investment to buy, there has never been a better time. Housing prices are lower than ever as are mortgage rates. You can purchase a home or a condominium to rent to others and also be a long term investment for you.
Be careful if you purchase a condominium unit with the intent of renting that there is nothing in the bylaws that exclude renters. You should also make sure that you do your own market study of the area. How much are other homes or condominiums being rented for each month? You need to find out whether the rent will cover not only the mortgage payment, but also the taxes and insurance.
Do your research carefully before purchasing property to rent to others. This can be an ideal way to make money in real estate today, but you have to make sure that you are familiar with the market as well as the tenant laws. Tenant laws usually favor the tenant, so make sure that you screen any applicants carefully. You should also take a good security deposit, especially if you are renting a single family home out. The security deposit should be returned when the house is vacated and in the order as agreed to in the lease.
If you buy property now, you can take advantage of the low housing prices as well as low lending rates. You can then hold onto the property for several years while renting it to tenants who will, basically, pay your mortgage. When the real estate market moves towards a sellers market, which it eventually will, you can have the property appraised. Chances are that it will be worth a lot more than for what you pay now and by selling, you will get a significant return.
Making money in the real estate market today is not difficult if you are patient and willing to look for the long term investment. Always look to the best locations in which to invest in property as they will tend to grow in value quicker than any other locations.
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Bob Schwartz, is a Certified Residential Specialist, San Diego real estate agent with w/over 27 years experience. He has a popular San Diego real estate blog Bob’s other sites are: Downtown San Diego real estate & San Diego real estate agents
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