Income properties come in all shapes and sizes. Some people imagine running a western ranch with a golf course and day spa, while others may imagine a downtown urban bank foreclosure rented out to young couples. Real estate has classically been an easy type of investment to get into because it requires little to no experience and a small down payment. Once the enterprise gets rolling, the steady stream of income can be very rewarding. Here are some types of properties to consider.
Ranches for sale are popular income properties because many American vacationers want to “just get away from it all.” Some individuals want a truly relaxing, “all-American” vacation not too far from home but well beyond work stresses and responsibilities. A rural western experience is similar to cottage country in that there are no neighbors, no slicked up tanned college students partying and no noisy, congested traffic. When you’re looking at ranch buildings for sale, try to find a place that has luxurious fixings inside the building but still offers some of that good old country tradition. You can have cattle, sheep, horses or border collies on the property. You can have a spa, golf course, tennis court or fitness center nearby or on the property as well. Scenic nature and good hiking trails should also be a consideration in selecting the right location. Some of the best places for your western real estate investment property include Buffalo, Wyoming, Clark, Colorado and Bigfork, Montana.
“You’re basically taking advantage of someone else’s misfortune. That’s the unfortunate situation, but it presents an opportunity for many people as well,” Andrew Couture of www.neighborhoodscout.com says of bank foreclosure properties. Most foreclosures sell for 5% below market value, but sometimes buyers can find deals for as much as 30-40% off. One shouldn’t be seduced solely by price, though. Couture adds, “If you can do it in an area where schools are good, employment is good, crime is low, there’s access to amenities and opportunities and there’s lots to do, then that’s going to be a more desirable place.” Some of the best places to purchase foreclosure income properties, according to Yahoo Real Estate, are Binghamton, NY; Augusta/Richmond, VA; Syracuse, NY; Yakima, WA; Hickory/Lenoir/Morgantown, NC; Kingsport/Bristol, TN-VA; Columbia, SC; Charlotte/Gastonia, NC; Provo/Orem, UT; and Beaumont/Port Arthur, TX.
Seasoned real estate investor professionals are seeking out property auctions, which can be a real feeding frenzy for high rollers. They may also be looking at commercial real estate investing opportunities, even though these income properties are not particularly profitable right now. Some people know that the business climate will eventually bounce back, just as the housing market is beginning to right now. Eventually, government aid will make its way to small business owners and neighborhoods will begin to be revitalized again. No matter what kind of investor you are, it’s good to keep up on real estate news and take your time deciding where to start your venture.
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