Selecting property as an investment:
As a landlord/investor you will have many choices as to options to consider when choosing an investment property. Do you want a stand alone property, multifamily dwelling, attached or detached property etc. Within these choices you will have a variety of property types to choose from including single family homes, townhouse, condo, loft, duplex, triplex, high-rise, mid-rise, etc.
Within each type of property there will be a wide variance of situations to consider as well. In selecting a single family home this property will have a tendency to have the most maintenance of all types for both the landlord/investor and tenants as there will be both interior maintenance as well as exterior maintenance to consider. With a townhouse, condo or loft type property you may reduce some of the exterior maintenance involved as this may or may not be addressed by the Home Owners Association (HOA) within their monthly fees. A duplex, quadplex or triplex can vary significantly as these may or may not have (HOA) fees and will be necessary to address prior to adding into ones portfolio. High-rise and Mid-rise property will always have the least exterior maintenance of all types but can have some of the highest (HOA) fees of all and may outweigh the benefit of being added to ones portfolio as an investment property.
As one can see selecting an investment property will have many considerations to be factored in prior to making such a purchase so as to make sure that whatever property is selected can and will bring the best results based on what the overall outcome is desired of a property. It is always best to seek professional advise where you can and do as much research as possible prior to making any major decisions when selecting an investment property to make sure the property brings you the overall results you are hoping for. Also, there are the perspective tenants likes, dislikes, needs, etc., to factor into any such purchase as one type here does not fit all when it comes to renters and what one person may like as a living choice the next may not and some types of property will be more conducive to certain tenants or a disadvantage to others. Again, another piece to consider based on your interests as a landlord/investor.
Stay tuned for additional postings on this topic and many others in the weeks/months to come.