Properties in big cities or major urban areas will often have a rental demand that is determined in large part by their walk scoreĪnother helpful tool is Trulia’s crime Heat Maps, which put together a map to provide a quick visual portrayal of crime that is easy to interpret and universally understood (plus they’re free). I don’t want to buy in an area with low-ranking schools either. I don’t want to buy in a high-crime area. If I ask a property manager what the schools are like in an area, and he or she tells me they are top-notch, it would raise some red flags if Trulia shows the schools are ranked very low. Owning a rental property doesn’t do you any good if people don’t want to rent it. In addition to property taxes, you’ll also want to know how to determine your homeowner’s insurance.Īnother huge factor you’ll want to consider before buying something in an area you aren’t as familiar with is the desirability of the property. Use this easy-access technology to find out exactly what kind of property taxes you’ll be paying before you buy the house.
If you’re using a real estate agent (which most investors do), you can have a custom search for homes that meet your specific criteria sent directly to your e-mail inbox. Understanding different areas, emerging markets, and price-to-rent ratios is a crucial aspect to real estate investing well! The best real estate investors will invest in areas where demand is growing, not just in what is geographically close.
Investing in many backyards is a great idea, meant to help you grow wealth strategically.
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