The Ideal Investment Property at the Shore: Part 3 of 4
Four Parts of an Ideal Investment
Part 3:Shop til you Drop…literally & figuratively
You got your money and you know where you want to plant it…now it’s time to pound the pavement and start the House Hunting. I whole heartedly suggest you pick a Realtor. Like a new pair of shoes, feel free to try them on for size & comfort but be sure to be courteous of their time because quite honestly a Realtors time is truly money…seriously. Your Realtor is the industry expert who will navigate the entire process from beginning to end as seamless as possible. It is a very important decision so please choose wisely. Once you find the right agent worthy of your business share your intentions with them backed by your financial perimeters. They do not need, nor do they want, your entire financial history…. just a basic Pre-Approval Letter or Proof of Funds from your chosen financial institution simply stating a figure you can afford to use to purchase an IP. Try not to put the “cart before the horse” and start looking at properties before you have a clear idea of how much money will go towards this purchase. Having either a pre-approval letter or documented proof of funds will help avoid any future disappointments and will lead you in the right direction of looking at properties you can realistically put an offer on.
*Note: When looking at properties you can afford in your desired location keep in mind properties which have all or some of the following features:
- Rental History and/or Repeat Renters (keep them happy and they will keep coming back year after year)
- Furnished Properties… save your time and money with a true “Turn-Key” IP
- Pools, Jacuzzis, Views, Parking, Game Room or Onsite athletic options…ie. Tennis Courts, Bocce Ball, Shuffleboard, Badminton, etc.
The above items are just an idea which make an Investment Property attractive and should be held in high regard when looking at the resale value as well. Having an affordable and desirable property makes for an ideal investment both presently and into the future.
Now, let’s go Shopping!!