Owning property is generally the biggest investment a person will acquire in their lifetime, so it’s important that the property you choose will turn a profit. Although rental property is a great way to build wealth for retirement, there’s only so far you can go if you don’t know the ins and outs of the business.
The key to successful real estate investing is knowing how to properly find and evaluate a property. So, if you’re looking to enter the Walnut Creek area, you’re in luck. Even in today’s real estate market, Walnut Creek has done an excellent job of maintaining its prices. In fact, some would say they’re still on the high end.
When finding property, you want to make sure the home you look at is in a prime location. Tenants want to be situated near shopping, jobs, fantastic schools and parks. Fortunately, Walnut Creek is a fabulous location for amenities such as these. The area has easy freeway access, several BART stations, upscale shopping; it literally has it all.
If you’re brand new to owning rental properties and are unsure of where to start in Walnut Creek, you probably want to investigate the condo market. The price point to enter is less than a single family dwelling and you’re still getting all the benefits of the location.
A good return on an investment is different depending on whom you’re talking to, but essentially you want to see a return on the dollar you’re investing based on the rent collected over a one year period. So, we recommend looking in the condo market.
Another course worth looking into is single family homes. If you choose this market, you want to make sure you have a great network of realtors to work with. Typically, you want people who have their finger on the pulse of the market and will keep their eyes open for properties that are a good deal.
Lastly, an option we highly recommend is purchasing homes under courthouse steps. This usually takes a bit more work and patience, but there’s a bigger pay off. If you learn the process and industry, you can buy properties with equity already in them.
Although this route requires a lot of homework, we believe it’s your best option for getting the best deals. People tend to be unaware of these properties and they’re usually not located on any multiple listing services.
Everyone’s dream when owning rental property is to be able to live on the cash flow from the rental income. However, it’s never as simple as it may seem. The only way to make owning real estate a rewarding and prosperous venture is knowing how to find the right investment. Although there’s a lot to consider, if you have the correct knowledge and tools, you’ll be on your way to success.