There are many things to consider when thinking about investing in real estate beyond your personal home. You will need to determine if you are investing for the long-term or the short term. If it is the later, then you will focus your investments on homes that can be cleaned, up-fitted and prepared for resale….usually trying to turn a home in 3 to 5 months. Depending on location, price and condition time to sell could me longer.
If you are investing for the long-term then finding homes that make good rentals is where you want to focus. With rentals there are both long-term and short-term rentals. If you are in a good area where there is a lot of tourist, activities, lakes or other attractions that bring out of town guest then something like a vacation rental is a good opportunity. Otherwise you will need to focus on properties for long-term rentals.
Gaston, Mecklenburg, Cleveland, Rutherford and Polk counties are great areas for long term rentals. There is a large demand currently (as of March 2016) for long term rentals ranging in rent between $650 to $1300 per month. Quality inventory is very low creating an opportunity for investors to rent homes quickly at the upper end of the rental price range.
Our area is also growing when it comes to vacation rentals. We have both Lake Norman and Lake Wylie where vacation home demand is increasing. In Rutherford and Polk County there is the Tryon International Equestrian Center which is primed to create a large demand for vacation rentals in 2016 and beyond. In 2014 to 2015 the number of vacation rental homes available in these areas has almost doubled.
Regardless of the path you take with your real estate investing we can assist you in finding the right homes. In addition, to working with you to acquire investments we can also work with you in selling them. Our sister company, StoneWright Home Services also offers a full range of general contracting and home maintenance services to assist you in preparing your investment for its highest and best use.
Contact us to determine how we can assist you with your next investment.