Earning dependable passive income through your property investment is the mark of success. In order to be passive, this means very little to none of your time is spent performing daily tasks to earn the income.
When you’re investing in property there are 5 ways to know a Northern Kentucky or Cincinnati property will be a bad investment and we’ll cover what to watch out for. However, if you want to be confident that your investment will bring you more returns than repair costs and headaches, contact us to find only great investment properties.
Too Long on the Market?
If the asking price is too high, any Northern Kentucky or Cincinnati property is going to sit on the market. Consider this a red flag that the seller is not willing to accept lower offers. If you are curious, you could always inquire as to why the property have been on the market for so long. This will give you a good sense of how the owner feels about negotiating on the price.
Show Me the Records!
No facts? Anyone can say that a property has been bringing in great earnings. However, the data to provide backup for the numbers in black and white, is key to even consider a deal. If a seller doesn’t have long term data for the property in hand, ask them to provide proof of data before closing on the deal. The bottom line is, investing without knowing the numbers is highly risky. You’ll want to have enough familiarity with the market to recognize numbers that seem out of line with the current trends.
You certainly do not want to end up sitting on a property because you weren’t aware it was located in an area with a bad reputation. You’ll want to be certain you’ve done plenty of research on Northern Kentucky and Cincinnati investment real estate market areas. Nor do you want to go through all of the footwork, only to find you’ve taken on all of the costs and risks involved with a property in these locations. This could even cause you to lose profits by buying a highly overpriced property for the local area market; keeping actively involved and aware of current trends is central to your investment success. You’ll want to consider spreading your wealth in areas that are well established and successful. It is also never a bad idea to look forward when investing, so scrutinize the areas with data that are proving themselves to be up and coming in the market as well.
When looking in the Northern Kentucky or Cincinnati area, I HIGHLY recommend asking an experienced investor where to buy your investment property. The areas that I often recommend include Covington, Newport, and Erlanger KY.
It’s a lemon! If a property in Northern Kentucky has been sitting on the market for a long time period, you’ll need to investigate the cause. Now, there is likely a reason that wise investors have passed up the deal. No matter what the issue with the property may be, avoid this investment. You don’t want to be facing too many costly repairs that weren’t in the budget. While everything may look great on paper, personally walking through the property can be extremely revealing when it comes to the true condition of the structure and the aesthetics of the property as well.
It can be extremely stressful to realize too late that a property you expected to be an income producer has turned into a nightmare. Bypass the financial losses, disturbed nights of sleep, and time-consuming pitfalls involved with making a bad investment on your own by working with We Buy NKY Houses. You can be confident you’ll be successfully building wealth by earning passive and dependable returns on your property in Northern Kentucky with us.