Midlands is a large metropolitan area that has existed since Colonial times. 350 years after the founding of Midlands, people are still moving into this bustling city at a rate of 34 people/families per day. Properties in Midlands are a mix of history and modernity with some homes sparkling and new and others falling into a state of disarray. These so called “fix-her-uppers” are the perfect investment opportunity. There are many steps investors need to know before jumping into a mortgage on a future rental home.
- Build Wealth-Investing in property is for people who are financially stable. They have surpassed the survivability income, been stable for several years and can easily put at least 1/3 of their income into savings. Buying a home, even one is disrepair, is expense and the project of fixing it up can cost even more. Most planners recommend having at least 50,000 dollars in cash to use as a personal investment into a property.
- Have a Strategy-If you aren’t someone who works a trade job like construction, plumbing, electrical, etc. you should really get to be friends with people who are. You will need all hands on deck to complete renovation projects under budget. Otherwise, you are going to be paying top dollar to hire someone else to do the work for you.
- Know Your Market-When designing a home, design it for the type of renter you want to attract. Older people prefer homes with no stairs and smaller yards with just 2 bedrooms. Millennials want room to grow, the latest technology and energy efficiency. People with families appreciate pet friendly homes, large yards with fences, and 4 bedrooms or more, as well as full bathrooms.
- Become a Landlord-After you finish the home, you have to become a landlord or hire a property management firm to take care of the business end of houses for rent in Midlands. From collecting rent, scheduling maintenance, and pursuing evictions, there is a lot that goes into managing houses for rent in Midlands and other cities.
If your house is ready to rent, consider hiring Scott Properties to make the most of your investment through professional property management.