If you are an investor looking to purchase a home, your highest priority will be trying to turn a profit as quickly as possible. Additionally, you need to have a fair estimate of how much that profit will be. Our real estate agents in Cherry Hill, NJ are able to help you access the best properties, in great locations to maximize your profits.
We know that location can be everything when buying a bank owned home as an investment property. Our familiarity with the local market will help ensure the most accurate market reports and insider expertise of the local neighborhoods. As an investor, you know that some homes sell faster than others. As your realtor, we don’t want not being stuck with a home for a long period of time. It is our priority as real estate agents in Cherry Hill, NJ, to find you the best possible deals and keep open lines of communication throughout the process.
Being well educated on a home and area
As a real estate agent Cherry Hill, NJ, we understand having the full history of a home and market is important, especially for investment properties. When you purchase a foreclosed or bank-owned home, you can get great deal. But, the sales price is only part of the equation.
When you purchase a foreclosed home, you are investing in property that likely needs a lot of work. If a property is in a bad location or the neighboring homes are selling at lower prices, you’ll need to adjust how much you invest accordingly to maximize your profit. We ensure that you have all of the information you need to make a reasonable bid. Finding the right location also increases your chances of making money off your investment.
We know that if you cannot resell the house, you risk losing money. As real estate agents in Cherry Hill, NJ, we want you to have the best experience when it comes to the making an investment in real estate market. We keep your best interest in mind when you work with us. Let us help you make your investment in Cherry Hill New Jersey a happy venture.
You have to study the market when buying a home
Your Real estate agent in Cherry Hill, NJ knows that studying the market and understanding local markets is one of the most important aspects of buying a home as an investor. You need to know up front if the neighborhood is a rental area or a buying area. The market and neighborhood will help determine how you refurbish a property. It also impacts your overall cost.
Having as much knowledge as possible will help you determine how much you are really willing invest in a property. Having to hold onto a home you planned flip and sell because of a bad market can be a costly mistake, and not one we want you to make. Knowing what your objective is for is our priority.
If you find a home you like, studying the area is key. Talk to neighbors about their experience there. Find out if most the people in the area rent or own the homes they live in. It will make all the difference as you go about the process.
Lower income housing market
You should work with a Real estate agent in Cherry Hill, NJ that understands that the objective of an investor. For example, if you are an investor that is interested in purchasing bank-owned properties, remodeling the home and using it as a rental property, purchasing a home in lower income areas can often help you make more money. Why? Buying a home in a lower income market allows you to rehab the home for less money and get it rented out faster.
Families who are renting want a deal and tend to rent in lower income areas for that reason. You can also save money on property taxes, insurance and maintenance of the home. This type of savings can account for positive cash flow for you as the investor. Purchasing a home in a more expensive neighborhood results in more expensive property taxes, maintenance costs and insurance for the home. Having knowledge of the neighborhood and community market will save you money in the end.
Understanding the risks of lower income properties
There are positives and negatives when buying a home in any area. If you are interested in investing in homes in lower income neighborhoods, you should enlist the help of real estate agents in Cherry Hill, NJ. One of the risks of investing in this type of property is that there is a higher turnover rate in these areas. The stability in lower income areas is impacted by several factors including: lower job stability, poor commute times and higher than average crime rates.
Another possible risk is that when you are renting or reselling a lower income home, tenants may value the place they live in less. It may go uncared for and acquire more damage. As a property manager you are responsible for maintenance and repairs, which can be exhausting and expensive. You also risk having to evict tenants, which cuts into your profits. Before buying a home take into consideration with a high investment come pros and cons. It is important for you to know what you are willing to deal with before you decide on your location.
Investing in a bank-owned property in a low income area can be a great way to break into the real estate market, if you are willing to take the time to truly understand the neighborhood. Let us help you make the right choice!