Tips for Investing in Real Estate at the Lake
So, you've decided you'd like to begin investing in real estate to turn a profit. We're here to tell you that buying rental property at the Lake of the Ozarks is a fantastic opportunity that can provide you with a stable flow of additional income. In this week's blog, we're going to share some tips for buying real estate at the Lake of the Ozarks to help you maximize your investment. Continue reading to learn more!
Know the In's & Outs of Your Investment
Before you buy an investment property at the Lake of the Ozarks, it's important that you know everything there is to know about it. It's current condition, any POA/HOA/COA's, development plans, etc. Working with the Fran Campbell Team can help you with a majority of that, but we also recommend getting professional inspections of the home as well to uncover any underlying conditions of the home. Be sure you communicate your budget for repairs, maintenance, price range, and business plans for the home with your agent. This will help them focus on properties that check all your boxes.
Plan Before the Purchase
This step is vital as it can affect your mortgage terms, and will play a large role in who your potential clients/renters will be. Consider if you are intending to use the property for any part of the year. Are you seeking a single-family home or a condominium? Will you be lakefront with a boat dock/slip, in town, or outside city limits? These questions will impact the type and budget of property you're going to be interested in looking at to maximize your investment.
Evaluate Your Investment Options
After you've answered the questions above and have found the type of property you intend to purchase for your investment, evaluate all your options - it's likely you'll have many to choose from. Things to consider here are location, style, personal use, and how you expect your potential renters to want to use the property.
Ensure You're Covered: Insurance
Purchasing insurance is vital on any investment property. It's always advised to speak with an insurance agent about your plans for the investment property so they can ensure you're covered from any liabilities that may occur on your property. Some considerations are insurance on the structure itself, as well as liability insurance in case of an accident by a renter.
Now You're In Business
Once you have purchased your investment property at the Lake of the Ozarks, you'll essentially be in business for yourself. As such, you'll want to have reasonable expectations set for the income you expect to receive, the costs of your investment, and ensuring that you are able to meet your obligations for the property. Such as maintenance, mortgage, and insurance payments, taxes, and all other expenses associated with the property.
As your premier real estate agents at the Lake of the Ozarks, we understand the market, have strong connections with mortgage lenders, insurance agents, contractors, and legal entities that can help you ensure you're making a sound investment by providing you with all the information and services you'll need. If you're ready to begin your search into buying rental property at the Lake of the Ozarks, the Fran Campbell Team is here to ensure you start off strong!
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