Are you planning on investing in a duplex? Duplexes are one type of rental property with two units under a shared roof that offers an affordable entry into the multi-family sector of real estate investing. New investors can either earn two income streams or house hack, living on one side. At the same time, the tenant pays off the mortgage and the expenses for the entire property and may qualify to receive additional tax benefits. However, for the investment to come to full fruition and provide the highest possible returns, you must understand what you should be looking for when investing in a duplex in Northern Kentucky.
As you learn the ropes, you should seek out a mentor with the mindset of a real estate investor; someone experienced in the business that knows the market well, preferably a professional,
when investing in a duplex in Northern Kentucky. Keeping abreast of upcoming zoning changes and industry trends puts you in the driver’s seat, protecting your future income by adjusting your portfolio in real-time for the best possible returns on your investment dollar.
You’ll want to select the best possible location within the section of the market you zeroed in on that you can afford to purchase, rehabilitate if necessary and comfortably handle any downtime with vacancies and handle the maintenance and repairs after running the numbers on your budget. You can upgrade improvements on the land, but you cannot move the land to a better spot within the neighborhood. You’ll want to look for the lowest-priced property with the best possible location; added features like water view or waterfront add tremendous value when investing in a duplex in Northern Kentucky.
You should perform an in-person inspection of the property, don’t overlook the importance of noise conveyance levels between units, and while tenants understand shared parking, they seek privacy in outdoor spaces. If you can’t be present, working with a trusted professional as your representative, familiar with the details tenants look for in rentals today, along with the red flags that can save you from purchasing a money pit when investing in a duplex in Northern Kentucky.
Property management plays a significant role production of rental income, and you must understand the role you’re taking on and the part it plays in the success or failure of your investments. From the screening process to the day-to-day management style, each step along the way is no more or less critical. However, missteps along the way could eventually cost you. For example, you may lose good tenants, experience higher vacancies, property damage and complaints, and evictions. In addition, your entire portfolio could suffer, especially should you cross any of the local, state, or federal legal guidelines governing landlords. Finally, suppose you can’t afford to hire a property management team to handle everything.
Help With Your Investment
If you’re buying a home in Northern Kentucky or Cincinnati area property, We Buy NKY Houses has the experience you need to help make the buying process easier, less time-consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local homeowners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.
Then give us a call! We take the time to listen to your concerns and answer any of your questions here at We Buy NKY Houses, with no obligation. Contact We Buy NKY Houses at (859) 412-1940 today!