While the investment game is never a sure thing, one of the most solid investments a person can make is real estate. As the old saying goes, "God's not making any more land, so the price is only going to go up."
But if the real estate game were that easy, everyone would be a millionaire. Because of the expensive nature of real estate and the uneasiness many people feel when they decide to invest in it, consider the following tips before taking the plunge.
It's always important to remember that buying an investment property isn't the same as buying a home you're going to live in. But some of the same rules apply. One such rule is location. While those looking for their own home will likely look at privacy, the local school system and other things, when buying an investment property it's best to look in a high traffic area that's close to public transportation. The high traffic means more prospective renters will see your "For Rent" signs, while accessibility to public transportation will increase your pool of potential tenants.
In addition, it goes without saying that a desirable locale can often rent a place on its own. Rental properties in trendy neighborhoods often rent the fastest and landlords can often charge more for less.
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