Now is a good time to get into real estate investment in Massillon, OH. The property market in the city is strong and resilient, and this type of investment is among the best for increasing your income-generating assets and net worth.
But, it may not be entirely clear to you what real estate investment is, what’s required of you if you venture into it, and how exactly you’ll make a return.
At TSCD Real Estate Investment, these are the kinds of questions we answer for aspiring real estate investors like yourself.
Keep reading to learn more.
What is real estate investment?
When you invest in real estate, you buy properties for the purpose of turning a profit. Most property owners take a long-term approach and rent out the properties at a rate high enough to cover the mortgage and bills. After the mortgage is paid off, future rent payments are almost entirely profit.
The amount of rent you can collect largely depends on where the property is located, but location also affects the initial cost of the property and future margins. For example, a house in Downtown Massillon may be more affordable than houses in University Village and Charity Rotch, but you’ll find it difficult to charge similarly high rental amounts.
You can choose to buy single-family homes, multi-family homes, condominiums, or apartments, depending on local market outlook and your investment goals. You may also go for commercial properties.
Appreciation of property value
You can also generate a return on your investment from the property increasing in value. This may happen naturally over time even while you’re renting out the property and receiving an income from it. Homes and apartments in Massillon have risen in value by at least 17.05% in the last 20 years. Occasional renovations and keeping amenities up to date can also help to drive the value of the property higher.
Once the property’s value has increased, you can make a profit by placing it on the market, if you decide that you’d rather sell than keep it.
If, on the other hand, you’re interested in expanding your real estate investment portfolio, that additional value can easily play out in your favor. You’ll be able to borrow against the equity and secure funding for your next investment.
What will I need to do as a real estate investor?
Managing a property can easily turn into a 24/7 job. Immediately after purchasing the property, you’ll need to find tenants so you can start generating a positive return as soon as possible. And that means you’ll need to get contracts drafted and make yourself available to resolve tenant emergencies.
That’s all in addition to administrative duties such as paying property taxes and insurance premiums.
This doesn’t always need to be the case, though. A property management firm can take over these duties for you, including collecting rent. Working with one makes your life much less stressful as a real estate investor.
Step closer to achieving your financial goals with real estate investment in Massillon, OH
Investing in real estate is a legitimate path to building the future you want for yourself and your family. And TSCD Real Estate Investment is here to guide you. Let us help, whether you’re new to the world of real estate, you’re wary of all the headaches that come with managing a property yourself, or your bad credit score is making you doubtful that this opportunity is open to you. Whatever stage of life you’re in, we’re ready to assist you now.
Schedule a call today and get started on building your ideal future through real estate investment.
