Theme: Types of Income Properties
November 22, 2009Income properties come in all shapes and sizes. Some people envision running a western ranch with a golf course and day spa, while others may imagine a downtown urban bank foreclosure rented out to young couples. Real estate has classically been an simple type of investment to get into because it requires little to no experience and a small down payment. Once the enterprise gets rolling, the steady stream of income can be very rewarding. Here are some types of properties to take into account.
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’ll see a lot of foreclosure income properties available right now too, but how do you know what’s a good deal and what’s a risky deal? According to Todd Beitler, owner of the Real Estate Library in Boca Raton, Florida, it’s about location, first and foremost. “If somebody spends 10 hours a week for five weeks to do research, it’s worth it,” he says. Secondly, it’s about mitigating real estate investment property risk, which Beitler states should involve buying bank foreclosure properties, rather than for-sale-by-owner foreclosures. He explains, “There’s no risk. There are no taxes, no liens, no tenants to evict.” If you plan to use the home as a rental property, then you will probably need to put 10% down.
Seasoned real estate investor professionals are seeking out property auctions, which can be a real feeding frenzy for high rollers. They may also be looking at commercial real estate investing opportunities, even though these income properties are not particularly profitable right now. Some people know that the business climate will eventually bounce back, just as the housing market is beginning to right now. Eventually, government aid will make its way to small business owners and neighborhoods will begin to be revitalized again. No matter what kind of investor you are, it’s good to keep up on real estate news and take your time deciding where to begin your venture.
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