Real estate is one of the best ways to invest extra income and grow your overall financial portfolio. The only downside is that it can feel a little daunting to step into real estate investment properties. You might be overwhelmed with the different options, but there are a couple of common types of properties that are an easy way to dip your toe into the waters.
Townhomes make an excellent first real estate investment property. There are many townhouses for sale in Suffolk VA that make great options for a first-time investor. This type of real estate is ideal for someone who wants a property that isn’t too much work to find a renter and has lower maintenance needs.
There are many small families or young couples that are in search of nice townhomes to rent. You will not have trouble finding stable and reliable renters in search of a nice townhouse to occupy. Townhomes also mean less maintenance of the property because the lots are much smaller. There are also many communities of townhouses where lawn maintenance is built into the association fees.
One important thing to consider when looking for a townhome is to make sure the maintenance and home owner’s association fees aren’t too high. If the fees are too high you will have a hard time making a return on your investment than if the monthly dues are reasonable. This might not be an issue if renters are accustomed to paying association fees separately in your area, but it is best to do your research first.
Another great way to start an investment real estate portfolio is to purchase a small office location. It can be a property type that has a few small offices or even just one section of a larger office building. Office properties are generally not as heavily used as residential spaces and also there are fewer amenities to maintain inside the space. You typically won’t have to worry about a fully functional kitchen or maintaining a full bathroom for a tenant.
The benefit of purchasing commercial space is the potential for longer lease agreements. Typically office leases are longer than residential ones, so you can keep the same tenant for longer periods of time and maintain a steady rental income. Less turnover means less work for you as a landlord.
There are many excellent ways to get started in investment properties, but these two are easy options for beginners. Contact a trusted real estate agent and start finding the properties that are best for you.