Buying Investment property is one of the ways to improve your bottom line regarding your personal wealth. Numerous Americans are taking advantage of this historic Buyers market, and building their future wealth.
My 4-plex in Edmonds, WA, sold this week with numerous multiple offers, as a case in point. Buyers are recongnizing that this product is good and has value! You can take a look at it here. It reminds me of how great an investment these rental properties are. The rental market is strong and is expected to continue for some time. With lending practices tightening up the criteria for home mortgages, not just everyone can get a mortgage as they did in the more recent past, also precipitating the economic downturn that we have experienced. So, more people are needing rentals.
Couple of articles related to this:
The important aspects about investment property is to buy in the right location–close to amenities, bus lines, hospitals, shops, etc, as various renters are without cars and rely on bus connections. Real estate is often–almost always about location, location, location. The Loan to Value–amount to purchase and the amount of downpayment. The rent you charge should at least cover the mortgage payment and more if possible.
Homes and multiplexes are at an all time low, so if you are sitting on the fence, this might be the time to consider taking the plunge.
Overall sense of the US populace has an “improved tone”, the Gardner Report indicates, noted here.
Here are some significant stats you’ll find in the report: (This is referencing the last quarter of 2011 WA State.)
- 3% expansion of economy
- Haven’t seen this expansion since Qu2 of 2010
- Local employment at 7.7% less than national average
- Job increases:
- Aerospace + 9,400
- Ed and Health + 5,400
- Professional & Business +3700
- Construction +1000 (awesome!)