Buying investment property is one of the most secure investments available. At CDA Real Estate Investment & Property Management we strive to provide our clients with the latest and best information available. The rental market (and in turn, investment) is exploding all around Coeur d’Alene! Our rents across the board have increased at least 15% making a great investment market! The market (as a whole) is rapidly trending upwards as mortgage rates stay low, and more renters move to the area. There won’t be a better market to buy in to, as geographical reports indicate Coeur d’Alene is ready for extreme growth.
Have you Considered Buying Investment Property?
Many people have questions about investing, and never take the time to ask! How much does a house cost? How much money do I need down? How do I manage my renters? These kinds of questions all have easy answers. The most important thing to understand is how easy it is to purchase an investment property! The delays/uncertainty/fear shouldn’t stop you from missing a great investment opportunity! Real estate is one of the most secure expenditures of investment money available. While all investments carry risk, real estate investing provides a steady almost risk free way to build wealth. In Coeur d’Alene our market is increasing on a steady value curve, generating at least 4% YoY and that number is climbing. I have owned rental property for years and have never seen anything like it! If you are considering buying property, briefly consider:
Asking a Investment Realtor for help. I am one of the best agent investors in Coeur d’Alene. By owning a property management company, it allows me to see a different and unique side of real estate most agents miss out on! I can show you how profitable buying investment property can be by showing you my own properties!
Do some Research. The internet is chock full of helpful resources for buying investment property. Most (not all!) of the investment guides you read can provide practical information about down payments, typical rents, and value curves. When you get more prepared to invest, we can get specific data on available rental houses. Some self research will help familiarize you with the purchasing processes.
Don’t be afraid. The big one! Tons of people consider buying investment property, but never take that next step! Don’t be scared, you have an advocate that will help walk you through the process! In the following weeks we will go over specific information about buying investment property. If you have any questions, please feel free to email me! I’m always available and love helping investors make money!
Thinking about buying rental property? I’ve found that most people look to real estate investing as something to do “in the future, when we aren’t poor” or “a nice dream but not really practical.”
In actually, mortgage rates have been low enough in recent years that almost anyone could start looking towards real estate investing. Lower mortgage rates, and higher rental rates typically signal a good time to buy! I have found a couple helpful tips when you are considering buying rental property.
Find a trusted agent. Not all real estate agents are created equal! Just like in any other field, Realtors often focus on different fields of real estate. You want to make sure and work with an experienced Investment Realtor. Starting off with an expert will help you learn more about buying rental property and you can avoid common mistakes that will cost you more money. An investment Realtor can also connect you with a reputed property manager and help you find quality renters. Trust me, don’t skip this step! Feel free to ask me any questions as well, I have done tons of investment deals and come highly recommended. You can email me here.
Expect the unexpected. When looking into buying rental property, you can’t be prepared enough for the unexpected. Repairs, problems, and emergencies never happen on weekdays! Most issues that come up will be resolved by your property manager (as long as you hire one) but if your self managing, be prepared for a few inconvenient problems!
Finding good tenants is the secret to property management success. It can’t be stated enough! If you have a high quality family in your home, your real estate investment will be a dream! Your Realtor, and the local property managers will be able to help you find a great tenant. Just avoid any potential problem tenants, they are more trouble then their worth!
Being a Landlord is not for the faint of heart. I’m going to be really honest here. Real Estate investment and property management are not for people scared of bad hours or risk. It takes a lot of gumption to manage your rental home, however the profit potential and property value increases make it worth it! I personally have yet to lose money on a property deal, and this rings true for my clients as well.
In following weeks we will add to this series, since knowledge is power. While your thinking of investing continue to do your research, and when you’re ready to take the next step give me a call!
We’re getting closer to summer time and everyone wants to come stay out on the lake! Vacation rentals are big business here in Coeur d’Alene and as we get nearer to warm weather it gets harder to find the right vacation spot! Here are a few helpful tips to make sure you get a great place to stay!
DON’T WAIT. Most vacationers think we jack up the price closer to the season start! Truth is, we have people book so early the price never has a chance to increase! By waiting you just risk losing the perfect vacation home!
Check with the Rental Company. Sometimes when we acquire a new vacation rental, we are able to rent it before posting it to our website or VRBO! Give us a call to check if we have any unlisted properties available!
Ask about off weeks. We get a lot of phone calls. One of the less commonly asked questions is about when we’re NOT busy! Feel free to ask about potentially available weeks that might be close to the season start-end dates. We might be able to sneak you in!
Check in monthly. If you really want a property, sometimes bookings get canceled! Before you give up hope and re-book, wait a month and call us again. While cancelations aren’t common, they do happen from time to time!
Be willing to take advice. I often get calls from people for a very specific property. When it isn’t available, its likely I have something else in the same area or condition! Don’t be afraid to take our advice. We want you to enjoy your stay and give us great reviews!
We wouldn’t steer you wrong! In season it’s impossible to find any available vacation rentals but with some careful planning you might just end up in the perfect spot!
Real Estate Investing is a tricky business. The most common concern I hear from people is how to start. While you can get a ton of advice to answer that question, I’ve found the best system is just keep it practical. The first thing you will need is a reliable realtor. If your an investor your time is spent managing your money, not finding properties. Realtors (should be) experts on the local market, and also have access to pre MLS listings. This makes them a very valuable resource when finding properties to purchase. If you don’t currently work with an Investment Realtor, give me a call. I am a realtor and the partial reason is more exposure to investment properties!
Amount the first things you need is determination. When you decide to start investing, then do it! Oftentimes in life we stumble across a great idea and then struggle to follow through. Real Estate Investing is an amazing investment growth market so follow through! I’ve personally found that being accountable to multiple people is very motivational. If you have your Realtor looking for the right property, and your accountant’s blessing on the funds, it keeps you moving towards the path of investing.
Once you have found an investment Realtor, your accountant gives you the thumbs up, and you’re determined to move forward, you need to find a bank. The bank you choose will work in tandem with your realtor to provide expert advice on the properties your hoping to invest in. The bank can also alert you to potential mortgage rate changes and help find the best way to submit for a loan. The more help the merrier!
Today’s last tip is really simple: look for better return rates! Often overlooked this should be a no-brainer. Most Realtors and investors will tell you to aim for a 1% return. It is possible to get much higher returns in our current market you just need to look for the right deal! With enough people in your pocket it will be easy to find a higher return rate on a local home.
These few tips will really help you begin the journey. In the coming weeks I will add to this column the more intricate aspects of Real Estate Investing. No matter where you start keep excited! Real Estate Investing is fun and can be extremely profitable if you do it right!
Property management is not well known to be the most “savory” of industries. Oftentimes tenants and managers get in heated debates about the state of the apartment before or after rental. All Property managers are not created equal! The property manager you choose could make or break your home rental experience! Most of the general problems associated with property management can be avoided by using a highly reputed manager! Here are a few helpful tips to avoid any property management issues!
Read the fine print. Property management contracts are not big long legalese filled documents! When you sign the lease ensure you know your requirements as a tenant. If you have any questions about your lease document you can feel free to give me a call (208) 640-1365.
Take the move-in photos! There is no way to confirm the original property’s status without photos! As a tenant you want to make sure you don’t get billed for damage so we need those photos to get you off the hook!
Don’t even consider an unlicensed property manager. If they don’t have a license and there is a problem the state won’t protect you. When your signing a lease, make sure they are licensed!
Ask around. Property management is one of those industries where its not hard to hear stories! Check with your friends before hiring someone without the proper reputation.
Make sure you “groove.” Getting along with your property management company affirms your long term relationship stays healthy. While a bit more subjective, if you get along and like their personality, it makes for less long term problems!
Property managers do get a bad rap but speaking for ourselves we are most interested in getting you into the proper home! When you are looking for a place to live come see us! We’ll show you first hand “how-to” enjoy living in Coeur d’Alene!