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Articles Tagged "investment properties"

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September
12

Advice for Single Women Home Buyers

At Choice Properties, our agents are prepared to assist every type of homebuyer. Whether you're single or newly married, we believe it's important to have a trusted real estate agent with you every step of the way. No challenge is big enough to stop you from accomplishing your goals and starting the journey of homeownership. Our real estate agents want to help you start achieving those goals, so we have listed advice for single women home buyers to get the process started.

Getting the Home Buying Process Started

To get started on turning your dream into a reality, it's important to take a look at your credit score and history. This will give you an estimate on how much you can afford for a mortgage. Don't let this early step overwhelm you! Getting a loan estimate is easy and will prepare you when meeting with a loan provider. Consider creating a savings account for a down payment and closing costs, along with taxes, home insurance, and any repairs needed.  

Long-Term Investment

It's important to remember buying a home is a long-term investment, and even though you want to love the home you purchase there may be things you will have to update. Although homebuyers go into the process focusing on the present, keep in mind the chance of selling the home in the future. The return of investment is definitely worth the effort. Researching the market you are considering buying in will show you who is also buying in the area, allowing you to plan accordingly.

Avoid Buying Mistakes

The Choice Properties real estate agents are here to help you avoid buying mistakes, where most of them are not obvious until after you try and sell. Location and market is extremely important as this could drastically impact your chance to sell. Also keep in mind the opportunity of growth, renovations, and room add-ons. Purchasing a home with a flexible layout allows you or a future buyer to accomplish any renovations or room add-ons without a headache.  

 

 

Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.

August
1

Should You Invest in a Rental Property in Ohio?

Owning assets that bring in extra income is a great financial strategy, even better than owning assets which merely generate expenses. Owning a house or apartment requires maintenance, repairs, taxes, interest and other expenses. Income from a rental property can generate positive cash flow. Learn more about the possibilities of investing in rental property in Ohio.

Do It Yourself (DIY)

Being a handy person can be a great asset when it comes to doing light work around the house to keep things in good condition. Becoming a landlord requires some hands on work. It may be too expensive to handle outside contractors but doing the work can save money.

Know the Right People

If expanding a property portfolio sounds like a good idea, it may become difficult to manage all the work alone. Trusted contractors who have personal relationships can put an individual into a better position to negotiate discounts and enhance overall profit. Relationships take time to build and it takes time to find the people who will do a great job at a good price. Having trusted people in the business is a great way to sustain owning property for the long haul.

A 24-Hour Job

Hiring a company to manage properties is an expense that cuts into profit. Depending on location, it may be affordable to do this just from rental income. Working with a property management company who responds to household problems can be helpful unless an individual wants to take calls middle of the night. When starting an adventure with rental properties it helps to figure out what will work best for individual circumstances.

Save Up

Buying a house with rather rather than with a mortgage is eliminating the expense of a payment. Every cent of rental income received, after maintenance expenses, is profit. This makes a difference between rental property success and struggle. Leveraging property purchases by using other people's money can turn out to be profitable when values increase but is not guaranteed. Loans create the opportunity to become a landlord to more people. Having cash to buy property is not necessary but it can be helpful in generating a positive cash flow.

Working for Extra Money

Work may pay off when adding properties to the list but the path to a high status with rental properties is not as easy as it seems on television. Profit in terms of financial statements must be considered in terms of time and labor. The work isn't for everyone but can turn a good profit for those who seek success.

There are challenges to earning a living through rental properties. It is not something everyone should jump into or take lightly but it can bring some additional cash flow to the table (and pocketbook). Considering all angles of the business and what a person is willing to do to make it happen are all ways to look at the options when thinking about purchasing properties for investment in Ohio.

 

Choice Properties has trained real estate agents who excel in the business of properties. If you are seeking to rent or buy property in Ohio, contact us to find out how we can assist you in finding the right place for your investment.

May
3

Ohio is a Great Place to Buy an Investment Property

The investment market in Ohio is full of great places to seek out the property that is best suited for an individual's desires and needs. Many people seek investment property because renting feels like pouring money into a funnel and never getting the equity desired back out. For this reason, Ohio is the perfect place to stop searching and to start buying. Find out some reasons why.

owning an investment property in Ohio

Ohio Market

It is important to do research on where the best places to purchase property are located. Three cities in Ohio - Toledo, Dayton and Cleveland - are on the top 10 lists of markets where it is better to buy property than rent. The main reason for this is the rebounding effect following the recession of properties becoming available. Do not get too caught up in lists as they are not the only factors to consider when looking to buy a home.

 

Saving Money

Ohio is a more affordable state in which to purchase property due to many factors. One of these is geography. When property is next to a lake or has nature surround it, the property values go up. It is the law of supply and demand. In the long run, purchasing property closer to water or near where property values are higher is likely to save money down the road. Some rental property prices are higher than carrying a house mortgage, making it more affordable to purchase.

 

More Bang for the Buck

Transplants or people who move into the area from other cities often find money goes further in Ohio than elsewhere. The abundance of homes that are bigger and offer more amenities is one of the biggest reasons to choose a home in Ohio. Particularly families who relocate from coastal areas where space is more limited in large cities, available property can seem overwhelming large. People must keep in mind the quality of life both inside and outside the house matters. More room in the budget affords more room for entertainment, travel and doing things outdoors.

 

Families who are looking for properties to purchase need look no further than Ohio. With plenty of available options near water and close to shopping, dining and entertainment there is no end to what is on offer. Contact one of our top notch realtors at Choice Properties who specialize in the Ohio market to find the property that is right for you.

August
10

Purchasing a second home can be a big step. Whether seeking a cabin in the woods, a getaway beach home or modern condo in the city, buying another property is a big decision. Here's how to know if now is the time to buy.

 

Affordability

Assessment of personal finances is critical in determining whether to purchase a second home. Beyond the cost of a second mortgage are other financial issues such as what interest is charged on a second mortgage. It may also depend if the home will be rented out as lenders consider rental properties a higher risk than those listed as primary residences. Other factors may include:

  • Insurance

  • Property taxes

  • Ongoing costs such as utilities (water, electric, gas, trash removal, etc)

  • Unexpected maintenance charges such as landscaping

  • Cost to hire a property manage to check on the property while away

 

Location

Having a property by the beach may sound great but it may not be a great investment. Some things to consider include:

  • Ability to visit the second home as often as desired

  • If not used as a rental, will home get used enough to make it worth the investment

  • Decide where is the ideal location before buying and whether it is affordable versus the time that will be spent using the property before purchase

 

Investigate

Chat with the insurance company to see what is next after finding the general area in which to buy a second home. Begin by speaking with the current insurer with whom a relationship is already established. A better rate may be available for multiple lines (existing home, cars, etc). Better rates may not necessarily be more inexpensive. If potential new property is prone to flooding, insurance rates may be higher. Homes with swimming pools also have higher rates as do pools with no fence or gate which may not have coverage available at all.

 

Find the Home

After all possible expenses are accounted for and a neighborhood is identified, contact a real estate agent to get started. Once settled, soak in the benefits of the new home. A vacation in the comfort of one's own home is a true luxury. When time is spent with family and friends in the new home, the cost savings will become apparent compared to vacation rentals. Privacy and no crowds (like in hotels) are another added bonus of having one's own property. Financial benefits may exist in the long term even if the property is not rented out. Tax benefits may help lessen the financial burden. A vacation home is a space to unwind, relax and enjoy time with loved ones. Soak it in and enjoy the new home.

 

Get more advice on the steps that you need to take to owning a second home.

Contact one of our agents today.

March
10

One of the reasons people search for investment property in Ohio is to gain financial freedom. Financial independence is possible with an investment property if a person knows how to go about finding the right home and the ins and outs of putting money into an additional place. There are many benefits to purchasing such an investment in Ohio, especially Indian Lake, as prices are low and demand is going up for homes by the water. To increase cash flow, an investment property can be leased or rented out and eventually sold for profit. The appeal of injecting cash into a property which can build equity and profit later is possible. Follow these steps to   get started.

 

Establish a Limited Liability Corporation (LLC)

An LLC is a private limited company which is a designated business structure. This is ideal for smaller businesses because it limits and shield's an entrepreneur's personal liability risk by the enterprise's liabilities. Any individual who uses an LLC does so to protect their rights as business owner against legal issues.

 

Find a Good, Reputable Real Estate Agent

A good real estate agent can find out immediately if a property will be a worthwhile investment. They will know the area and market values to help make the best choice. When a property is selected, cash will need to be available on hand for a 20% deposit. A good lender is key to help process the loans in a timely fashion. Choice Properties has excellent trained, qualified real estate agents available to help in the selection of an investment property in Indian Lake, Ohio and beyond.

 

Property Rehab

Homes are prone to wear and tear and investment properties are no exception. As years go by, a property will need upkeep as it may not be well taken care of by tenants. Damage is an inevitable part of owning a home so keeping a fund available for leaky roofs, new heating units and more is a consideration.

 

Contracts

Be selective when choosing renters for a property. Rent arrangements need to be covered in a contract. Failure to outline this in a written agreement may result in difficulties later if the need to evict a tenant arises or if other issues come up.

 

Patience

Patience is important when searching for investment property in Ohio. Indian Lake is an area with lots to offer but it will take time to locate the best property. It is time consuming to search for contractors and good renters. Taking time now will save a headache later so be patient, take time and do it right from the start.

 

Business First

Do not let renters get away with anything. After all, an investment is part of one's financial portfolio which can affect the quality of life. It is better to kick out a poor tenant for non payment or other issues than let the issue linger and risk losing money.

 

Choice Properties has agents ready to speak with you about investment properties in Indian Lake, Ohio.                                      Don't wait, call today at 937-842-2244 to discuss the options and get started!

 

Get more advice on steps it takes to own an investment property.

Contact one of our agents today.

February
9

So You're Looking for Cheap Waterfront Property

Waterfront investment properties require special consideration to ensure the property will suit the lifestyle and provide activities everyone can enjoy. Start with these tips when looking to purchase cheap waterfront property.

 

Determine Your Needs

When potential homeowners research waterfront investment properties, the first step is to discern how the property will be used. From this point, a realtor can help figure out which area best suits these needs and desires to focus in on specific properties. Some strategies to get started include:

 

  • Learn about real estate. Get books, take a class or two and do research. Ask lots of questions, talk to friends, family and other relatives to learn as much as possible about investing in waterfront property.

  • Commit to the process. It takes time to research, find and purchase that perfect property. Some will fall through or not be a good match but know what to look for and what needs exist to know the right property when it comes available.

  • Have a strategy. Focus on achievable goals and know what the property is intended for. If it will be a rental for part of the year and vacation home for the rest, this may determine which property is ultimately selected.

 

Frequency of Use

When searching for cheap waterfront property, it is important to look at the activities available, nearby hospitals for any medical needs which should arise, proximity to an airport if frequent travel is important and finding the best property to suit the family's needs and budget. Knowing how often the property will be used can determine suitable options.

 

The Search

Location is key when searching for waterfront investment properties. After determining best fit for needs in a waterfront home, visiting the area to find a good fit is important. The surrounding community is an important factor when making a decision. Look over the property as well as the house as the real value of the home will be the property in a waterfront location. Look for five key points when searching for that perfect property:

  • Sandy beach. Proximity and quality is important for both younger and older family members.

  • View. As people age and do less on the water activities, the view becomes more important.

  • Level lot. The flatter the lot, the better for easier water access

  • Proximity to water. Homes closer to the water allow a closeness to nature and keeping an eye on any young kids by the water.

  • Privacy. Some lakefront properties have as little as 50 feet of frontage, which offer very little privacy. Ideally, a property will offer 150-200 feet to give privacy from neighbors.

 

Choice Properties has real estate agents who specialize in waterfront investment properties in the Indian Lakes area to assist with your needs and sort through complex issues to get everyone on the right track to finding that perfect location.

 

Get more advice on finding and owning an affordable waterfont property.

Contact one of our agents today.

November
27

Here are some tips for smooth lining the selling process when listing a property that you no longer live in, for whatever reason.

For a major tax break, be sure you've lived in the house as a primary residence at least two of the last five years. If you haven't, then you'll be looking at a tax gain on the sale of an investment property. If you have lived in the home, then the US federal government allows for single homeowners to sell their home without paying taxes on the first $250,000 in gain. For married couples, it's $500,000.

The next most important thing for you to do is to early on get a good, trustworthy agent on board. A local agent is a local resource for you, the seller. If you're renting, these agents can field renter's issues such as leaky faucets or broken garage doors. If you're selling, these agents are going to be priceless for knowing the local market and making sure the property is kept open house ready. Potential buyers are also more open to working with a real person as opposed to internet deals.

Even with a local real estate agent, it won't hurt you to stay on top of what the market is doing in the area where you're selling. Keeping yourself knowledgeable will let you react quickly when an offer to buy does come in. Knowing if what they're offering is high or low is good business. It's the sign of a smart homeowner.

So is taking care of your tenants if you are renting the property. If they've been loyal tenants, you may want to offer them the first opportunity to buy the property when you decide it's time to sell. At the very least you'll want to give them a good lead team to know they'll need to be moving if they aren't interested in purchasing. Keeping them happy should translate to them continuing to take care of your property while they reside there.

 If you're looking to sell a house long distance, contact the award-winning real estate agents at Choice Properties for advice on plannign the best possible sale.

 

 

Get more advice on listing and selling your home from long distance.

Contact one of our agents today.

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