When you are looking for a home to purchase as an investment there are several things to consider. What is the proximity of my rental home to apartment buildings/communities? You want to make sure you position yourself so that your not having to compete against large quantities of available apartment units. Some of those apartment complexes might have amenities like pools, gyms, and community club houses. Also how close is my rental home to shopping and schools? Can my tenants walk there? If they have to take their car is it only about 5 minutes away? Availability of shopping is important to potential tenants as they don't like to have to to go very far. Where is the nearest supermarket, shopping center, place to get their hair cut. How close is my rental home to schools? You don't know what grade level your tenants children will be at, so if you can identify an elementary school, middle school, and high school that are close (even within walking distance) all the better. Finally there are a lot of residents in the high desert that work down the hill, so having a rental home near or close to the freeway would be helpful. Taking all of these things into consideration, you could have a successful rental home anywhere. Because potential tenants will be looking for these amenities and will gravitate towards rentals that fit these criteria. And as tenants gravitate towards these types of rentals, rental inventories will go down and rents will go up and stabilize. As an investor thats the type of situation your looking for and doing your research and due diligence will pay off. You can even go to any cities website and read about the building and expansion taking place and the new businesses coming into a particular area. After all, new businesses mean new jobs which means more people who are able to rent.
Michael G Grimm
Realtor / Investor