Are you looking to invest in property in the DC Ranch, Grayhawk or Scottsdale area?
Investing in property is a sound idea in today’s real estate market. As an investor, you can buy a property for the sole reason of fixing it up and flipping it or to rent it out.
There are several things to consider if one is about to take on investment property. Be smart and consider all your options for turning a profit. For beginners, renting out your property could be the road to take. Renting helps you build up equity in the home and it also covers your mortgage.
Another option would be the big flip. Invest in a fixer-upper and flip it fast by selling the property for a huge profit.
Flipping could be an ideal solution to making a property on your investment. But, it’s not easy. There are experienced advisors who can work with first-time flippers so you don’t lose your shirt or your house. Before you choose to fix and flip, make sure you have enough cash to cover any investments and or repairs that are necessary to improve the property
It’s all about carrying costs and making your mortgage when flipping. You want more impact for the buck. Make sure the value of any improvements will benefit the resale value.
It’s been said that “Renting Is The Buy And Hold Strategy For Investment Property.” For a quick fix, flipping a house can benefit you greatly with fast cash, but renting might give you a bigger profit in the long run.
The only snag in renting is becoming a landlord. Taking on that responsibility means you have to screen renters and fix property issues. But it’s your home even if you’re renting it out, which is a bright spot in case you need a place to live.
So what how do you choose which is the best way to bring in income. It’s all about long-term or short-term investment.