As someone who has likely purchased and sold a few properties over the years, it is likely that you’ve heard the famous phrase that states, “The three most important items in real estate are location, location, and location.”
But while this is typically a crucial factor when searching for a primary residence, does it really matter all that much when buying rental property?
You bet it does!
Think about it. When you advertise a property for rent, your potential tenants are searching for their next home – and along with this, they will be taking into consideration most of the things that someone who is seeking a new residence would do.
For example, how far is the home from places of interest like grocery stores, gas stations, churches, and other important venues. Likewise, if the potential tenant has children, they will also be considering the quality and the proximity of the local schools.
Even as it relates to the street or the neighborhood itself, the location of your rental property matters. For instance, is the home in a desirable area and is it easy to find, or alternatively, is it set in a dark and gloomy, uninviting lot?
In this case, even if you’re able to purchase the home at a below market value price, your investment may end up costing you money every month if potential tenants pass it by and it remains empty for long periods of time.
If your rental property has a location issue, working with a property manager can help. We work with real estate investors all over Orlando and the surrounding area – even those that have harder to rent units. Give us a call if you would like more information on how our property management team works, and how our services can work for you.