The word “GOOD” can mean very many things. Here we describe what we mean by good for each of the 6 parts of the Golden Summary of residential Investing.
Enjoy!
A GOOD PROPERTY is:
- One that draw tenants to it – curb appeal, large rooms
- Large enough to live long term – bedrooms, square footage
- Allows tenants to live comfortably in the property – good layout
- Provides the comforts of life – bathrooms, yard, fences
A PROPERTY IN GOOD CONDITION is:
- Needs few to no repairs to rent
- Very little if any deferred maintenance – painting, carpet,
- Large expenses are years in the future – roof, siding, updating
A GOOD NEIGHBORHOOD is:
- Where tenants want to live – schools, shopping, commute
- Not next to commercial and transit lines – trains, freeways
- Not in a hazard area – flood zone
- Low crime
A GOOD MARKET is:
- In the right part of the market cycle
- Expenses not too high
- Laws favor landlords
- Good cash flow
A GOOD TENANT is:
- They pay rent on time
- Pay every month
- Take care of the property
- Stay a long time
A GOOD MANAGER is:
- Rent your property to good tenants
- Manage your property like their own
- Watch to keep expenses low
These are the elements that make a great investment and while some can be missing, others are essential. This can be the guide to find and keep quality properties long term.
Happy investing!
