When it comes time to decide where you'll make your next investment in real estate, you can't just look at one piece of the whole puzzle. Rent rate is not the only bit to look at. You'll need to balance that against the amount you'll be paying for the mortgage, in taxes ever year, and how much insurance will cost you. Some states are considered more landlord-friendly, while others lean more in the favor of tenants in most circumstances. These states tend to have very strict laws that often make it difficult to evict even bad tenants that are causing serious problems in your property. While some of these states may have a great opportunities and shouldn't be overlooked simply because of these strenuous laws, it's certainly something to look into when you're making that final decision.
Knowledge of the surrounding area is a huge plus as a landlord. If you decide against hiring a property management company then you will be responsible for marketing the property. Knowing the local attractions, the proximity to various popular points around the property, and the general layout of the area will be very helpful in highlighting these points in the listings. If you are investing out of your own personal area and are planning to give managing the property at a distance a go (or even if you are hiring a management company), you'll want to research that area before actually buying the property. You may find that you're not comfortable with the crime rate or perhaps the rent rates simply to not provide as much as they look like they should. Remember to check employment rates, average income, and other factors when checking out the area to make sure that you are investing in the right place for you.
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