Flipping houses can be an impressive method to generate income, but one of the realities is that the income earned from house flipping is unpredictable at best. Flipping houses is a high-risk investment plan with exceptional potential but it comes with plenty of hazards. Investors could wait months or even years to see any results from a single flip. To manage these possibilities and provide a greater consistent income stream, why not supplement your flips with one or more rental homes? Rental properties are one of the most stable investment opportunities available, providing investors with long-term growth rarely matched by stocks or other retirement products.
The popularity of reality television shows about house flipping has created something of an unrealistic perspective with what flipping houses demands. Though it is realistic to purchase, remodel, and re-sell a residential property quickly and profitably, commonly, there are complexities or unanticipated hurdles that must be defeated along the way.
Such as houses that are under construction are generally targeted by thieves and vandals more than other properties are, crimes that could lead to extravagant losses. Bad weather, burst pipes, and any number of other unforeseen events could give rise to exorbitant renovations that were not included in the original budget. As a consequence, house flippers must be primed not only for when things thrive but for the likely chance that something will be unsuccessful.
In relation to flipping houses, even a best-case scenario flip includes extensive months of endeavor. The period of time included that flipping a house can take is substantial, from procuring a property to arranging financing, closing, remodeling, and finally listing the property for sale. Throughout this time – regardless how long it may take – the property is not generating an income, because the only income an investor sees from a flip comes after the property has been sold. Some investors are capable of managing multiple house flips in a single year, intending to create a frequent and consistent source of income. But more often, houses are flipped one at a time, making it challenging to forecast when that investment will ultimately pay off.
As a consequence, house flippers will greatly benefit from having more than one revenue stream. There are many opportunities in the real estate industry, but the one that extends the most income opportunities are residential rental properties. Buying and renovating rental homes is a method very identical to flipping houses, but there are some obvious purposes. When buying a home to use as a rental, investors can enlist the help of a quality property management company to do a lot of the heavy lifting for them.
When property owners hire Real Property Management Boston, they acquire expert market assessments on prospective and current rental properties, assuring that guarantors have authentic details on rental rates, market value, and so on. We also give access to dependable home remodeling and repair experts, guaranteeing that any work done on the property is completed well and properly on the initial attempt. Eventually, we market the property and lease it to quality tenants, allowing investors with consistent rental income while they seek other real estate activities.
When all of these benefits are combined together, it is understandable that appointing a property management company isn’t considered an increased charge but rather a valuable asset on your real estate team. The experts at Real Property Management Boston can make having Boston rental properties one of the breeziest real estate investments you’ve ever created, freeing your time to seek new opportunities for your real estate business. For more information, contact us online or call us at 617-996-0708.
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