We have some must-read tips for buying investment property in Apple Valley, Minnesota and surrounding areas. At Realty Exchange, we care about everyone we do business with and go out of our way to make sure they’re happy with the experience. This is one of the reasons we thought it would be a good idea to share some tips for acquiring investment properties in the greater Twin Cities area of Minnesota.
Apple Valley Investment Property Tips
Here’s a short list of some great ideas to make your real estate investment easy and safe. Taking care of an Investment Property in Apple Valley is important so you protect the money you have invested.
- Become an Owner-occupant – If you’re thinking of buying an apartment building or even a house, try to find one that has multiple units. This will allow you to stay in one while renting out the others. If you can find a 4-unit apartment complex, for example, you can probably pay the entire mortgage by using the money you get from three units being occupied with you in the fourth. This will also help ensure you’re protecting your investment.
- Crunch the Numbers – From the price of the property to your monthly payments to all the other costs that you may encounter, it’s important to sit down and run through the numbers to make sure you’re not biting off more than you can chew. If you follow the tip above, you’ll want to make sure that the amount of money you’re bringing in from the other units will cover your mortgage as well as any other expenses you’ll have to pay on a monthly basis.
- Resident Property Manager – If you’re not planning on living in the investment property while you pay it off, it makes a lot of sense to find a good resident property manager. By having them on-site, you’ll have a better chance of knowing what’s going on at the property at all times. A property manager is also going to be able to take care of a lot of the routine tasks that need to be completed, like reviewing applications for possible tenants, collecting rent, and starting eviction processes if needed – not to mention many other tasks. A good property manager is worth their weight in gold and then some.
Have any other questions about buying investment property in Apple Valley, MN or surrounding areas? Not a problem! Give us a call or send us an email with your questions and we will do our best to make sure you have answers you can use to make an informed decision. After the housing crash of 2008, real estate is finally starting to move forward, which makes this a great time to invest money in real estate in Minnesota.