If you’re thinking about investing in rental property in Rochester or anywhere in the Monroe County area, you might be wondering: what makes a good rental property in Rochester? I’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 there’s a crucial question that needs to be answered before you invest: “What makes a good rental property in Rochester?”
Let’s face it, you don’t want to invest in just 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 Rochester and the surrounding area.
What Makes A Good Rental Property In Rochester?
#1. Solid House, Cosmetic Upgrades Only
Unless you’re handy or have a lot of experience, you might want to avoid investing in a rental property that needs a lot of effort to get it ready-to-rent. Every day you delay renting is a day that you don’t get the cash flow you want. Instead, choosing a well-built house that’s free of problems (and only needs cosmetic upgrades) is a great place to start. Sure 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.
#2. Affordable
While you may want to invest 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 Rochester area, there’s a mix of properties – some are affordable and others are not. (This is what we do here at Roc Cash Buyer – we find the affordable ones! Give us a call at 585-685-4490 or click here and fill out the form to see how we can help you find a property that’s a fit for you!
#3. Good Rental Market
You also need to make sure that the current market matches the kind of rental property you’re interested in. The truth is, not all markets are the same, and some are frankly not that good. In some places, 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. Before you begin investing, it’s important to research the area to ensure you can get the return on your investment you want.
Summary
These three factors exist in rental properties throughout the Rochester area and I can help you find them. 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.