If you’re thinking about investing in rental property in Richmond or anywhere in the 23238 zip code area you might be wondering what makes a good rental property in Richmond. We’ll share with you 3 of the factors to see if rental properties are right for you…
Rental properties can be a great investment. From the cash flow to the security of owning a real asset, real estate investors have known for a long time that rental properties are an amazing asset to keep in your portfolio. But one question persists that needs to be answered before you invest, “What makes a good rental property in Richmond?”
After all, you don’t want to invest in ANY property – you want to invest in the right one! So, here are 3 of the best factors that make up an ideal rental property in the 23238 zip code and surrounding area.
What Makes A Good Rental Property In Richmond?
#1. Strong House, Cosmetic Upgrades Only
Unless you’re handy, or have a lot of experience, you may not want to invest in a house that requires a lot of effort to get it ready to rent. After all, every day that you delay renting is a day that you don’t get the cash flow you desire. A strong, well-built house that is free of problems and only needs cosmetic upgrades is a great place to start. Yes, you might pay a little more up-front for this kind of property but you’ll save time and money afterward in getting it ready to rent.
While you might want to spend a little more for a house that is already in good condition, you’ll still want to make sure that it’s affordable. In the Richmond area, there’s a mix of properties – some are affordable and others are not. (This is what we do here at RedBrick Properties – we find the affordable ones! Give us a call at 804-482-7351 or click here and fill out the form to see some affordable rental properties in the area.)
#3. Good Rental Market
You also need to make sure that this is a good rental market. The truth is, not all markets are good rental markets. In some areas, everyone buys and nobody rents; in other areas, everybody rents but they move too much. A good rental area is one where there are plenty of long-term renters.
These three factors exist in rental properties throughout the Richmond area and we can help you find them. In fact, we’ve got an inventory of properties that meet these and other requirements for what makes a good rental property in Richmond… and our clients love working with us because we help them bypass the time and effort required to FIND these properties, since we’ve already done a lot of the legwork.