Nashville is proving to be very popular as a choice for property investors across the United States who are looking for second homes for their family or just investment homes to rent in the area. There are some things you need to watch out for when starting out on your property investment journey and we wanted to give you some pointers to help you along on your journey.
It's All About LocationAnyone who has ever bought or even considering buying a home will have heard the phrase "Location, Location, Location" uttered any number of times. Investing in the best location you can afford will serve you very well in the long run, simply because you'll attract a better quality of tenant and you'll be able to charge more rent too.
Overestimate Your ExpensesIf we see property investors making any one single, expensive and recurring mistake is that they leave absolutely zero room in their investment budget for anything to go "wrong". Any experienced property investor will advise you to have at least a few thousand dollars of slack in your budget for those unexpected and last minute expenses which you can be sure will crop up.
Look Past First ImpressionsThe most successful property investors know how to spot a bargain. The key to this is training yourself to look past small flaws in the property and focusing on things like the quality of the neighborhood and amenities in the area. Doing this will allow you to buy suitable "fixer-uppers" and make the most of your investment.
Consider Different Investment Types
When you are looking for new investment opportunities, it's time to consider your options. When you invest in properties, you can choose from residential homes and apartment complexes, to retail spaces. You may even find a building you love that offers both commercial space for businesses and residential space. Talk to your real estate agent about your preferences. Whether you want to be the property owner of a large residential facility that has hundreds of units, or you are looking for a two family home to increase your investment portfolio, the right property is out there for you.
Once you identify the type of property you want, locating the right property can take some time. During this time, you can make sure that your finances are in order. Keep in contact with your real estate agent so that you can look at a property quickly if one crops up. If the real estate market is tight, you will want to be able to make an offer fast. Good properties that are in the right location are going to be purchased quickly, and you want to be there if an opportunity comes up.
The type of real estate investment you make will depend on your overall budget, the number of units you want to own, and whether you prefer commercial, residential or a combination of both type of properties. Your real estate agent will give you the support you need to find the perfect match for you when it comes to purchasing your next real estate investment.
Use Expert AdviceOf course if you want to shortcut the entire process and avoid the potential for making expensive mistakes when investing in property entirely on your own we're always happy to discuss Nashville property options with our new and existing customers.
You'll find that at the Ashton Real Estate Group we can offer you the kind of local expertise which will help you make the most of your investment budget.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #2 RE/MAX team in the World!