Real estate investing done right can be a rewarding experience and lead to a retirement living on your terms through financial freedom. In addition, real estate investments allow you to build wealth and generate passive income. While you may be familiar with the phrase “location, location, location” in real estate, when you purchase an investment property, knowing what to look for is essential to avoid falling into a proverbial money pit.
Inspecting investment properties is a great responsibility that real estate investors should not take lightly. Unfortunately, far too many beginner investors have gotten a good feeling about a property and invested emotionally. For all but a lucky few of these impulsive real estate investors, a sinking feeling likely followed when a hidden problem came to light during an emergency call from tenants at 3:00 am.
You must follow a strategy for your investments that includes diversity for downward turns in any sector; real estate investments can provide security when the cost of living rises because rental rates tend to keep pace with inflation. However, as with every investment, there are risks, so it’s vital to the success of your real estate investment portfolio that you understand the importance of researching, assessing, and inspecting an investment property. While covering every possible scenario is impossible, we’ll discuss the most common issues investors face. Not only is a failure to spot the red flags that savvy investors are all too familiar with costly but time-consuming and stressful. So don’t let these five property defects go unnoticed when buying investment property in Maryland.
Structural
Structural issues with the foundation, roof, and walls are the first property defects to check for if you don’t want your hard-earned investment dollars falling through the cracks or defective drywall when buying investment property in Maryland. You can avoid investing in defective properties by working with highly seasoned professional investors like those at Simple Homebuyers. The professional investors at Simple Homebuyers are local investors who’ve built a strong network of providers to swiftly and efficiently evaluate investment property in Maryland.
Health and Safety
Hazards to health from environmental elements such as radon or lead paint on the walls are other property defects you should look for when buying investment property in Maryland
Professional investors like those at Simple Homebuyers understand the importance of comprehensive property inspections. The professional investors at Simple Homebuyers want to help you protect yourself and your future tenants from the fallout of these potential risks.
Water
Water can cause severe damage and encourages mold growth; both are costly property defects you don’t want to miss when buying investment property in Maryland. Instead, professional investors like those at Simple Homebuyers aim to mitigate risk and help you earn the highest potential in investment returns. The professional investors at Simple Homebuyers practice due diligence to help you avoid preventable consequences, like making unexpected repairs for damage to your tenants’ property or lawsuits. The professional investors at Simple Homebuyers and their team of industry pros can spot glaring red flags that less experienced eyes may overlook.
Electrical and Plumbing
There can be problems with wiring, pipes and fixtures, which are property defects you want to be sure you catch when buying investment property in Maryland. Professional investors like those at Simple Homebuyers have the expertise to differentiate between those properties you should walk away from and those with high return potential. In addition, the professional investors at Simple Homebuyers and their local network of highly skilled tradespeople understand the work and time involved in buying and rehabbing investment properties, all working in unison with the mindset of an investor to save you time and money.
Pests
Another property defect you don’t want to miss inspecting when buying investment property in Maryland is pests such as termites, rodents, or insects. Professional investors like those at Simple Homebuyers can help you evaluate your investments as you learn the ropes of the real estate investment business and the key signs to watch out for when looking at investment properties. In addition, the professional investors at Simple Homebuyers are local investors passionate about helping others succeed. At Simple Homebuyers, our success is in securing the success of our investors, and you can be sure they will introduce you to cost-effective solutions for any problems that may arise with your holdings.
The Professional Investors at Simple Homebuyers
From identifying properties with defects you can’t overlook to properties with potential, the professional investors at Simple Homebuyers and their full-service in-house team of professionals make it easy for investors like you to succeed. At Simple Homebuyers, our in-house team of professionals provides every service investors need, from the initial inspection to the closing table. And our highly sought-after property management team to keep your tenants happy. The professional investors at Simple Homebuyers have it all together and are ready to help you start today. Call Simple Homebuyers at (240) 776-2887.