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Hello Everyone! Does anyone have a connection at Netflix ! I am an author/marketing associate and truly my dream job is to work on the team that creates/produces Drive to Survive. I am a huge F1 fan! However, I am willing to start where I can and work my way there! I was laid off due to Covid and just trying to get back into the field and industry I love.
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I was considering buying a rental property myself.
First off, I wouldn't buy a single family house with the purpose of renting. Look for something with 2 units at least. This will mitigate risk of periods of unoccupancy. And you are much more likely to get better ROI. And I don't know your market, but I doubt renting houses is in as high demand as renting an apt like space, with some benefits of a house.
Second, given the COVID situation, I'm holding off. The last thing I want to do is try my hand at being a landlord at a particularly trying time. Did you know that under certain circumstances evictions have been suspended for up to 90s due to COVID? Do you know enough about your area to know if your target renters are disproportionately effected by unemployment? What would you do if you lost your job?
My recommendation would be to hold off until you have a sign that we're on the general path up. Also, seriously consider a multi-family property where you occupy one unit. Seriously reduced your risk and you can move out after a year or so.
Wait a few months and see if Airbnb caused a mortgage crisis and prices will drop
Following. I'm thinking of doing the same with condos.
A couple things -
Invest in building/property report - comes at a cost but affordable considering you want to know what exactly you're investing in.
If property is listed for sale, real estate agent will help you get you the info on HOA.
Through a pandemic or not, people need a roof over their head. Look into the last 5 years of the city history. Population, business investment, quality of schools... that's going to give you an idea of the community.
Investment in property is not short term gain so use these indicators to help you make the best choice.