According to MONEY Magazine , there is one bright spot in the housing market, the rental market. Rents are rising as many former homeowners are facing foreclosure and turning them into renters. Another reason why rentals are in high demand, is homeowners are worried about losing their jobs or housing prices falling further and are reluctant to buy.
Quoted from MONEY Magazine, “ To figure out whether you can benefit by investing in rental property, here’s what you need to know. Many factors make this a great time to invest. Mortgage rates are at a 40-year low, and homes in many areas are ultra-cheap. Meanwhile, demand for rentals has risen in more than 500 cities, according to recent Census data. That, in turn, has enabled landlords to charge more. Hotpads.com, a real estate research firm, reports that rents nationwide jumped 11.6% in 2010, to $1,320 a month.”
According to the National Association of Realtors, the typical investor plans to hold for 10 years. Use a local Realtor to find a good deal. At Orlando Inland Realty we have experience with rentals and can provide you with information about the community and a rental anaysis. Make sure your rental income will cover your loan payments, plus a 20% cushion to handle repairs and property management.
You have to KNOW WHAT YOU’RE IN FOR. Owning rentals also means responding to tenant complaints, knowing the legalities of security deposits and taking the time to market and show your home. Orlando Inland Realty, LLC. is here to help you with your investment. From finding an investment property to managing the property for you, we are a full-service firm for your property needs. We’ll even find you qualified tenants and have a relationship with a local attorney to answer any questions you may have.
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