Where do you look to find a solid investment in today’s real estate market?
Trying to find a perfect investment property can be challenging. Owners will profit from renters when they can generate more revenue than it costs to manage and maintain the property. Therefore looking at the property’s condition is essential and during the transaction, consider getting all of the appropriate inspections. If you plan to make a long-term investment in the property, it is worthwhile to complete more in-depth assessments. From structural to ensure the foundation and structure is long-lasting to overall inspections that can reveal any safety issues that may need to be addressed for occupancy. By looking into this at the beginning stages, you can thoroughly understand the expense landscape of ownership.
Another way to find a substantial investment property is through determining the revenue potential and maximizing it. This can be accomplished easily when renting properties that accommodate separate households. An example would be an apartment complex, fourplex, or townhouse. By having more than one unit or even multiple bedrooms, there is a higher probability of being able to have renters in your property at all times. An example is having a mortgage on the property of $3,000 a month, and let’s say you have 4 units. Rent could be as low as $850 per unit to ensure coverage, highly competitive in Cheyenne’s market.
It isn’t often when these investment properties are available on the market, and currently, there are a few to select from for sale on Taft Avenue. Check out these fourplex units listed by RE/MAX Capitol Properties Broker/Owner, Steve Prescott. For more information on these units or any Cheyenne real estate, give Steve a call at 307-630-9342.