Published June 3, 2022
4 Qualities of a Good Investment Property
Here are four things to look for when buying an investment property:
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Investors often come to me for advice about what they should look for in an investment property. Today I’m coming to you from one of my own fantastic listings to discuss what qualities investors should keep an eye out for when selecting a property.
First, you’ll ideally want to find a property that’s in good condition and requires little or no maintenance. Check to make sure that key areas like the roof, driveway, or windows aren’t damaged or don’t need to be replaced. A property that doesn’t have a laundry list of major repairs will cost you less in the long run.
Next, find a property with a good tenant mix. A property like the one I’m at today shows that the tenants have kept the building neat and tidy. Ask the property’s listing agent for information about the tenants, including how long they have been there, how old they are, and what they do for work.
"A property that doesn't have a laundry list of major repairs will cost you less in the long run."
You’ll also want to find a property in a good location. This property is located in one of the city’s prime spots where you can access shops, grocery stores, schools, public transit, and much more. A good location will help you find and keep tenants, and it will work out well for you when you sell the property.
Finally, look for the amenities. What does the property have to offer? The one I’m currently selling has separate entrances for each tenant as well as separate metering and HVAC systems. That means they don’t have to share utilities or split bills—not all buildings are set up this way. Be sure to find out how the utilities are set up and how they’re connected to the property, as that will make it easier for you when you’re dealing with your tenants.
If you’d like more information about the triplex I’m selling or have further questions about buying investment properties in general, give me a call or send me an email. I’d love to hear from you.
