Have you been thinking about becoming a property investor, and wondering why you should buy a rental? Here are some signs to look for if you are on the fence about investing in a rental.
“If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.” John Paulson.
Low Interest Rates
When mortgage rates drop, it is much easier to find a property that will make you income. Mortgage rates just fell below 3% for the first time ever! The best place to figure out what kind of interest rate you will get for an investment property is with a mortgage lender. Check with your bank or ask me who a lot of my buyer clients use to get excellent service and great rates.
A heads-up for you that lenders charge more for “non-owner occupied” transactions than for one where the buyer will actually live in the home.
Let’s discuss how the process of buying an income-producing home is started, and I’ll send you properties to view virtually initially, (3D virtual tours, floor plans, viewing info and photos online and property walk-through videos), and then when you think you’ve seen one you may want to buy, I’ll arrange an actual tour of the property.
Check in with me to see how much your current home is worth! Some investment properties require a high down payment, but low-interest rates, refinancing and knowing your home value can make a difference. For example, if you need to borrow 10%, many homes in good markets can appreciate 10% of their value in just a year, depending on the condition and the location.
Chat with a lender to see if you can qualify, and check in with your current mortgage company to discuss your plan.
Scarcity of Units
You probably know that Irvine rental homes are in high demand. This is because Irvine is growing and the demand for a space to rent is higher than the available properties, unless renters want to live in one of the Irvine Apartment Communities. Therefore now is the best time to find an Irvine property to buy for rental purposes.
Do you know if the rate of return in Irvine is growing? Let’s talk. It’s important to know that if you’re thinking of investing in an Irvine property. There is potential to make significant gains over time.
Ultimately, talking to professionals can help you decide if now is the right time to invest in Irvine rental properties!