Your Pre-Purchase Checklist for Brevard County Investment Properties
Posted: August 14th, 2020
The Investment Market Remains Active
If you’ve been thinking about investing in Brevard County real estate, now is a great time to look for the right opportunity. If you have read one of our previous blogs, you know that the investment market surprised many and held strong through the coronavirus and has remained active through the summer months. Brevard County continues to be an excellent place for investors to purchase property thanks to its robust job market and proximity to world-class entertainment.
Investing in property is a great way to create a passive source of income; however, it does take some preparation to ensure you’re making the best choices for your portfolio. When you search for an investment home to purchase, you’re going to take different key points into consideration than you would when searching for your own home. Before you embark on your investment property search, here are a few items you’ll need to mark off on your checklist.
Understand and plot out your investment goals
Your goals for your investment property will determine the type of home you need to search for. You may be surprised by how many different real estate investment strategies exist -- according to Dummies.com, there are upwards of 10 strategies that investors use to generate the income they seek. You’ve probably heard of some of the most common strategies, like house flipping, buy and hold, or live-in-then-rent.
Each strategy will fit in with your financial goals in a different way. Speak with your real estate investment expert to determine how property investment fits in with your larger investment portfolio before you begin house hunting.
Set aside time for your new responsibilities
Whether you’ve chosen to flip your investment home or you want to immediately set it up as a rental, purchasing an investment property adds a new set of responsibilities and commitments to your agenda. When you’re flipping a home, you need to be sure you’re able to knock out your upgrades in a timely manner; otherwise, you’ll be short on both time and money. If you’re working with a property management company, you’ll need to communicate with your property manager on a regular basis about how your tenants are doing, what updates are necessary, and so on. Having time available for your new investment is just as important as getting your finances in order.
Assemble a team of trustworthy contractors and professionals
Getting an investment property ready for income generation needs the assistance of a team of professionals. After you establish a relationship with a real estate agent who can help you choose and close on the right property, you’ll need to get in touch with property managers, renovation specialists, repair services, cleaning services, and so on. You want to ensure that any issues that may arise can be taken care of quickly and easily.
Ellingson Properties Works With You Along Every Step of the Journey
The team at Ellingson Properties is made of real estate investment professionals and property management specialists who can help you achieve your property investment goals. Our real estate agents can identify the best neighborhoods for investments and recommend trusted maintenance specialists in the area. Our property management team is available to take over the day-to-day operations of your investment property so you can reclaim your time and your peace of mind. To learn more or to start looking for your perfect Brevard County investment property, call Ellingson Properties at 321-750-7050 today.