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Quality Tenants are the Key to Making Money in Real Estate Investing
When it comes to successful real estate investing, I’ve learned the my purchase price has nothing to do with making money. Good tenants are the key to making money. If you are seeking a reliable stream of steady income, with few to no hassles…buy a property that will attract “A” quality tenants who will renew their leases year after year.
As a novice investor, I often wasted a lot of time and money searching for “a deal” on a house. I worried about who I would rent it to, later. After years of losing money and sleep, I learned that seasoned investors use a strategy completely opposite from what I had been doing. They pictured the most desirable and profitable tenant in the market…then, concentrated on locating a piece of property that would attract that type of tenant.
If you are searching for a piece investment property that will bring in income, picture who your ideal tenant will be, then buy a piece of property that will draw them in!! “A” quality tenants look for common ammenities in a rental home…
- Search for properties that are located near strong, vibrant downtown or commercial corridors. If the area is thriving, you should be in good shape. If the business district is run down or boarded up, think twice about investing in that location..
- Quality tenants live in clean areas of town with parks and recreation options, good schools, medical facilities and reliable police and fire protection.
- Buy property that has easy access to convenient transportation, interstates or major thoroughfares.
- Look for neighborhoods that are filled with owner occupied homes, not other rental properties. You want the area you invest in to be filled with homeowners, not other renters.
- The Best Tenants are Long Term Tenants. If you find a foreclosure or a distressed property, chances are it will be in need of repairs and updating. Plan to spend money after closing to make the place nice and fix anything that is broken. You want your property to be a place that your renter is proud to call their home.
- As a general rule, families make the best long term tenants. On average, families stay in one rental house for 4+ years. To attract “A” quality families to your property, look for single family homes with a minimum of 3 bedrooms and 2 baths. The best homes also have 2 car garages, 2 living and eating area’s and a good size yard.
- Size Matters to a family. My most profitable properties have not been the cheapest homes, they’ve been the largest. Large 4 bedroom homes in good neighborhoods, with good schools have been proven winners time after time. Why? Most rentals on the market tend to be smaller, starter type homes. The lack of competition for a large house makes finding and keeping good tenants much easier.
- Seek out locations with large employment bases. Tenants look first at homes located within a 15 minute drive from their workplace.
In conclusion, it is not “deal” or a cheap sales price that will make you money on rental property. Properties in “A” condition and “A” locations attract “A” quality tenants that create the positive returns you are seeking.
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