{"id":1597,"date":"2021-08-11T10:00:40","date_gmt":"2021-08-11T14:00:40","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1597"},"modified":"2024-04-25T23:19:28","modified_gmt":"2024-04-26T03:19:28","slug":"people-are-in-bidding-wars-for-rental-properties-time-to-become-an-investor-buyer","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/people-are-in-bidding-wars-for-rental-properties-time-to-become-an-investor-buyer\/","title":{"rendered":"People Are in Bidding Wars for Rental Properties. Time to Become an Investor Buyer?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"267\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/bidding-wars-for-rental-properties.jpg\" alt=\"Image of a very modern looking kitchen area of a house. Captioned: Time to Become an Investor buyer?\" class=\"wp-image-1598\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/bidding-wars-for-rental-properties.jpg 400w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/bidding-wars-for-rental-properties-300x200.jpg 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/figure><\/div>\n\n\n\n<p>Yes, <a href=\"https:\/\/www.cnbc.com\/2021\/08\/11\/rental-bidding-wars-heat-up-as-economy-improves-in-tight-housing-market.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">bidding wars are breaking out in the rental home market<\/a>. With the rising demand for rental housing, you might be thinking of buying real estate, earning rental income to pay the mortgage, and building a new source of equity. With usually low interest rates available, is it time to strike while the iron is hot? <\/p>\n\n\n\n<p>Here are a few considerations, topped off with some ideas\nfor new investors diving into a very competitive market. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Getting Started<\/h2>\n\n\n\n<p>If investing in real estate is new to you, check local your\nlocal housing authority or nonprofits for courses on successful\ninvestor-ownership. The Small Business Administration (SBA) is also a good\nplace to start. Landlord classes give potential buyers an understanding of the\nFair Housing Act and your applicable laws and regulations. They often include key\ninsights about the housing market. They may also provide mentors who can teach\nyou the basics, like the correct way to handle security deposits, how to check\npotential renters\u2019 income and housing history, and tips for meeting your applicants.\n<\/p>\n\n\n\n<p>Getting started also means getting financially ready. To get\nfinancing for an investment property, assume you\u2019ll have to put 25% down. Different\nlenders, including credit unions, may have different loan products, and some\nmay be tailored to the first-time investor.<\/p>\n\n\n\n<p>Get ready to pay for appraisals and inspections, too. And\nthe property taxes. Don\u2019t forget homeowner\u2019s insurance \u2014 ask about bundling\nwith <a href=\"https:\/\/www.deeds.com\/articles\/home-buyers-cover-your-assets-choosing-between-standard-and-extended-title-insurance\/\">title\ninsurance<\/a> and landlord insurance. <\/p>\n\n\n\n<p>Add in the renovations, replacements, and repairs. Even a\nproperty in great shape will likely take a few thousand dollars to make move-in\nready. <\/p>\n\n\n\n<p>Beyond all that, a lender will want to see an ample financial\ncushion \u2014 a good half-year of loan payments on hand to cover times when a unit\nis vacant or needs unexpected repairs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Picking Your Spot <\/h2>\n\n\n\n<p>Once your financial ducks are in a row, you can pick a spot\nwith plenty of hopeful renters. Find a good, local real estate agent for\ninvaluable knowledge and professional connections. <\/p>\n\n\n\n<p>Some renter-friendly attributes of a city include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Forward-looking city planning (for walkability,\npublic transit, EV charging infrastructure etc.). <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Reasonable property taxes, but a highly rated school\ndistrict (especially for value when you go to sell).<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Pet-friendly policies. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>A robust job market, especially in tech; or\ncolleges and universities nearby. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Parks, malls, coffee shops and restaurants, and popular\ngrocery stores, all accessible in a safe environment.<\/li><\/ul>\n\n\n\n<p>Location is the key to keeping and property occupied. And\neven in times when you have a vacancy, when surrounding demand is high, you\u2019ll\nlikely be building equity. Current reports show demand for city renting back on\nthe rise. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Condo or House? <\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"600\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/house-or-condo.jpg\" alt=\"Cluttered interior of an older looking condo or apartment, exposed brick walls, urban city scape views out of the windows.\" class=\"wp-image-1599\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/house-or-condo.jpg 400w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/house-or-condo-200x300.jpg 200w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/figure><\/div>\n\n\n\n<p>Although demand for every kind of housing is strong, we have\nseen houses go up in value at a higher clip than condos during this housing\nboom. Yet while there\u2019s stronger appreciation in value for houses, that means condo\nproperties can offer some good deals in this market.&nbsp; <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> See: <a href=\"https:\/\/www.deeds.com\/articles\/with-home-prices-soaring-condos-are-a-relative-bargain-heres-how-their-deeds-work\/\">With\nHome Prices Soaring, Condos Are a Relative Bargain. Here\u2019s How Their Deeds\nWork.<\/a><\/em><\/strong><\/p>\n\n\n\n<p>Condos take care of the property management for buyers. Most\ncondo properties handle snow removal, paving, drainage and landscaping, plus\nroofing and major exterior work. The management and accounting firm will usually\nhave an online portal to accept monthly payments and work orders. Buying a\nremote property? These advantages can help you manage responsibilities from a\ndistance.<\/p>\n\n\n\n<p>But do your due diligence first. Here\u2019s what we mean by\nthat.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Diligent Condo Buyer\u2019s Checklist<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Ask the homeowners\u2019 association (HOA) if renting\nout units is permitted. And will that be the case when you close? A condo HOA\ncan limit the percentage of investment properties, and you won\u2019t want to close\nafter the quota is already filled.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Check for screening rules. Can the condo board\noverrule your decisions to accept specific renters?<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Know how much rent is normal for your unit.\nCheck the real estate sites to find out what renters expect to pay, and how\nquickly the units fly off the shelves, so you can calculate demand and\npotential income. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>What are the monthly HOA fees? Is waste removal,\nwater, sewer, and gas included? HOA fees can go up yearly or even more often,\nsometimes outpacing investor income. The board can also change its bylaws in\nways that impact value and demand. &nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>What type(s) of insurance are owners expected to\nhave? A copy of your coverage details will need to be on file at the office. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Learn whether a special assessment could be\ncoming up. Will the property soon get a new pool company? New roofing? A recertification\ninspection? Structural improvements? Don\u2019t be caught off guard with a big-ticket\nitem that has to be paid for by the homeowners. Check the budget to be sure there\u2019s\nan ample reserve fund.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Found a unit you\u2019d like to buy? Compare other condos\u2019\nprices at the same condo property. They\u2019ll depend on a unit\u2019s general\ncondition, view, parking placement, whether the unit is on the end or upstairs,\nand even points like which buildings are most susceptible to flooding or need\ntheir roofs or balconies redone. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>How old are the appliances? It matters. Installing\nnew heating and air conditioning in a condo can cost $7,000 to $9,000.<\/li><\/ul>\n\n\n\n<p>Some investors steer clear of condos because of the board\u2019s\nauthority to make changes. Consider worst-case possibilities. What if the board\nlimits renting? Are you prepared to sell the unit or move into it? A house (if\nit\u2019s not part of an association) gives you better control. HOA board members are\nelected by other owners, and typically need no knowledge of finances or\nproperty management. <\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> To get the news and the facts, read\nthe condo association\u2019s recent newsletters and meeting minutes. These will have\ninsights into the board\u2019s recent and current plans, and how well it functions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Managing Your Rental Business<\/h2>\n\n\n\n<p>What return do you expect to have? It can be hard to make\nmoney, especially in the first year. If a renter pays $1,400 per month, perhaps\nthe monthly mortgage is $700. Maybe you\u2019ll budget close to $700 in operating expenses\nfor the property. Investors find liability insurance and accountant services important\nto have. Experienced investors may decide to expand their holdings and hire\nmanagers, then count the management costs as business expenses for tax\npurposes. <\/p>\n\n\n\n<p>Go to your accountant in advance to chart out potential returns, and receive professional guidance on expenses, depreciation, and deductions. Your accountant has knowledge for how to pay initial costs, accept rental payments, and handle later purchases for optimal <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc414\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">tax treatment<\/a>.<\/p>\n\n\n\n<p><strong><em>\u261b\u00a0 <a href=\"https:\/\/dealcheck.io\/features\/rental-property-calculator\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Here\u2019s a calculator<\/a> you can use to estimate your investment returns on a given property.<\/em><\/strong><\/p>\n\n\n\n<p>If you\u2019re buying a house, you\u2019ll be accounting for landscaping,\nmaintenance, and emergency needs. Investors must be ready to deal with storm\ndamage, clogged toilets and sewer pipes, fundamental changes in a renter\u2019s\ncircumstances, and so forth.<\/p>\n\n\n\n<p>Moving an investment property into an LLC? Some investors\nclose on their purchases in their names, then record the property title under\nthe LLC. Investors should consult with local tax and real estate attorneys for\nguidance.<\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em>&nbsp; <a href=\"https:\/\/www.deeds.com\/articles\/thinking-of-forming-an-llc-for-real-estate\/\">Thinking\nof forming an LLC for real estate? Here\u2019s what you should know<\/a>. <\/em><\/strong><\/p>\n\n\n\n<p><strong><em>Important note<\/em>: <\/strong>When moving a property that\u2019s titled\nin people\u2019s names into an LLC, the mortgage acceleration clause may be\ntriggered; be sure to speak with your loan servicer and title insurer in\nadvance!<\/p>\n\n\n\n<p>Working\nFrom Home<\/p>\n\n\n\n<p>If the investor\u2019s down payment is too much of a hurdle, an\nalternative way to finance your purchase is\u2026to live in it! Buy a property with\ntwo to four units \u2014 the max before you\u2019d count as a commercial property \u2014 and\nlive in one of your units. There\u2019s a trendy name for this strategy: House\nhacking.<\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> Read more about <a href=\"https:\/\/www.deeds.com\/articles\/the-house-hacking-trend-when-a-house-is-a-rental-property-too\/\">\u201cHouse\nHacking\u201d: When Your Home Is a Rental Property Too<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p>Then, you can do as other owner-occupiers do: put down just $20%. With some loans, you can put down less. The <a href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\/loan-options\/fha-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Federal Housing Authority<\/a> (FHA) allows for much lower down payments. \u00a0<\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> FHA loans come\nwith private mortgage insurance charges. These push the borrower\u2019s monthly\nmortgage payments higher. <a href=\"https:\/\/www.deeds.com\/articles\/a-guide-to-private-mortgage-insurance\/\">Understand\nprivate mortgage insurance, or PMI.<\/a><\/em><\/strong><\/p>\n\n\n\n<p>Some house hackers stay in the building for at least a year\nas required, then rent out the unit they lived in. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Timing Is Everything<\/h2>\n\n\n\n<p>Maybe you could earn higher and quicker returns through\nother investments. But if you\u2019re keen on the investor-owner adventure, the\ncomparison isn\u2019t apples-to-apples. <\/p>\n\n\n\n<p>Most property investors, like most homeowners, are looking\nat returns over the long term, building equity through real estate. Along the\nway, they can experience the satisfaction of working with people, improving\nlives and communities. If the challenge inspires you, now could be the time to get\nstarted.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.pexels.com\/photo\/luxury-home-room-furniture-5071180\/\" target=\"_blank\">Curtis Adams<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/interior-of-cozy-apartment-with-big-window-5825715\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Charlotte May<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yes, bidding wars are breaking out in the rental home market. With the rising demand for rental housing, you might be thinking of buying real estate, earning rental income to pay the mortgage, and building a new source of equity. With usually low interest rates available, is it time to strike while the iron is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1597","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>People Are in Bidding Wars for Rental Properties. 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