Considering An Investment Home On Long Beach Island

Dated: 11/04/2014

Views: 1571

Popular TV shows like Flip This House or Flip or Flop have set off buyers in droves hoping to get their hands on a low priced home, put a few bucks into and make a massive profit. Unfortunately, TV is TV and reality is reality. If investing in homes was so simple a practice, we’d all be doing it.

Pick a Niche
: When you’re new to real estate investing, you’d be wise to start small and pick a niche where you can develop your investment property owner skills. Example: Invest in condos on Long Beach Island. Get your feet wet on one or more smaller properties before tackling a bigger and more complicated investment such as a multi-family home or large rental properties. 
Summer rentals may pay a portion or all of your mortgage and maintenance costs.

Do Your Homework
: Once you've decided on your niche and found just the right property in the right location, conduct due diligence before buying to ensure your investment is sound. Most importantly, work with a good real estate agent who has experience in investment properties on Long Beach Island.

Get A Contractor: Have a trusted contractor do a walk-through the home with you before you buy, preferably one is based on Long Beach Island and is familiar with local codes and building practices. They can give you a more realistic idea of the cost of any repairs. 
Do the math: Before you buy, crunch the numbers to be sure you can afford it. Factor in the cost of repairs, overestimate the total cost, and underestimate the payback. Remember, your rental could be vacant for some time between tenants, so plan ahead for the reduced income.  

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