Buy Second Homes Now


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The housing market is down, and current prices are low.  Now is a great time to buy a second home. Many people question this, but it is the perfect way to start a career in real estate investing. Unless you plan on staying there a lot, your second home can actually make you money as a real estate investment property.

Rental Opportunities

There are several different types of rentals. For your property, you should pick the one that best suits your property needs and your responsibility/liability. A short-term rental is a furnished property with a contract for less than 30 days. A corporate lease is a fully furnished property with a contract for greater than 30 days. Traditional renting allows you to rent the property furnished or unfurnished for any period of time. Usually, contracts are signed for a period of 6 or 12 months. Real estate investors can use any of these to generate funds. The nice thing about short term rentals is you can easily generate enough to cover your monthly mortgage payment in just one or two visits without the yucky part of coping with the same problematic tenant for 12 months at a time.

Where to Find One

Finding the perfect spot for your second home may be a little bit of a challenge. In your local community, talk to the banks to find out what is available in short sales, foreclosures, and bank owned properties. If you want to venture outside your local community, start by looking online to find real estate agents in the areas you are interested in. These real estate agents will be able to give you background information on the area and can point you in the direction you need to go.

When you are talking to agents, look for areas that typically draw tourists, including ski areas, beaches, and tropical islands. Homes in tourist locations tend to rent more often and for a higher rate.

Keep in mind that short term rental properties need plenty of bedrooms and bathrooms and a nice kitchen. Even though families are on vacation, they will probably want to cook to help cut their expenses.

Advice

Be sure to seek out the advice of your mentor/adviser and a lawyer. They will help you figure out if something is a good deal, and look for potential legal issues that could complicate your buying/renting process. For more ideas in real estate investing, call or visit us at Homevestorsfranchise.com. We have a large assortment of real estate franchise and real estate investment opportunities to help you grow your real estate business. Come let us help your business grow today.

 

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