Types of Income Properties
November 1, 2009
Income properties can be found online, in newspapers and at property auctions. Real estate agents are beginning to get busy again, as a number of first-time home buyers and consumers are coming forward for pre-foreclosure and bank foreclosure opportunities that are selling at 30-40% of their previous prices. If you’re smart, you can get the right property at the right time and stand to benefit quite handsomely from it. This is no time to be impetuous, though: a real estate investment still involves a lot of money, a lot of work and a lot of commitment. Before you get your checkbook ready, consider which type of investment you’d like to make.
Ranches for sale are popular income properties because many American vacationers want to “just get away from it all.” Some individuals want a truly relaxing, “all-American” vacation not too far from home but well beyond work stresses and responsibilities. A rural western experience is similar to cottage country in that there are no neighbors, no slicked up tanned college students partying and no noisy, congested traffic. When you’re looking at ranch buildings for sale, try to find a place that has luxurious fixings inside the building but still offers some of that good old country tradition. You can have cattle, sheep, horses or border collies on the property. You can have a spa, golf course, tennis court or fitness center nearby or on the property as well. Scenic nature and good hiking trails should also be a consideration in selecting the right location. Some of the best places for your western real estate investment property include Buffalo, Wyoming, Clark, Colorado and Bigfork, Montana.
“You’re basically taking advantage of someone else’s misfortune. That’s the unfortunate situation, but it presents an opportunity for many people as well,” Andrew Couture of www.neighborhoodscout.com says of bank foreclosure properties. Most foreclosures sell for 5% below market value, but sometimes buyers can find deals for as much as 30-40% off. One shouldn’t be seduced solely by price, though. Couture adds, “If you can do it in an area where schools are good, employment is good, crime is low, there’s access to amenities and opportunities and there’s lots to do, then that’s going to be a more desirable place.” Some of the best places to purchase foreclosure income properties, according to Yahoo Real Estate, are Binghamton, NY; Augusta/Richmond, VA; Syracuse, NY; Yakima, WA; Hickory/Lenoir/Morgantown, NC; Kingsport/Bristol, TN-VA; Columbia, SC; Charlotte/Gastonia, NC; Provo/Orem, UT; and Beaumont/Port Arthur, TX.
For the first-time investor, the best income properties are usually simple, single-family residences that are rented out to tenants. Unlike the flipping houses scheme, this type of investment is intended to deliver a steady stream of income, rather than a quick lump sum. In the long run, you can make more money, although there will also be more expenses as far as repairs and grounds maintenance are concerned. Look for places with appreciation that are near bus stops, grocery stores, entertainment, jobs, schools and other amenities. Before making a purchase, view the property first, rather than investing in far-off overseas property that could be more of a gamble.
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