Top Tips When Buying Investment Property in Wake County
Are you thinking of buying investment property in Wake County, NC? Purchasing an investment property means that you can create a monthly passive income and grow your long-term wealth.
Real estate is a promising and highly lucrative investment arena that most investors consider adding to their portfolios. However, it is important to be well informed on how to build this type of investment as it is different from other types such as bonds and stocks.
As is known, real estate has numerous benefits compared to other types of investments. For example, as an investor, you will be in a position to create capital from the property’s value while at the same time enjoy cash flow throughout the life of the investment.
Once you have identified the region and neighborhood you would want to invest in, the next step will be identifying your investment goal. This will enable you to decide the type of property and the target demographic you need.
This article will provide you with a few tips on buying investment property in Wake County, North Carolina.
Investing in Wake County, North Carolina
Wake County is the most populous county in the state of North Carolina. With the region’s steady job market and access to prominent schools, there are plenty of opportunities to find renters.
The county has seen a steady rise in its population over the years and currently has an estimated 1.112 million residents. The county is home to several prominent cities such as Raleigh, Apex, Cary, Fuquay-Varina Holly Springs, Morrisville, and more.
The county’s rising population can be attributed in part to its strong economy and the job market. Wake Count’s economy is heavily influenced by the country’s largest industrial park, the Research Triangle Park in Raleigh and Durham, NC.
The park houses over 160 companies and employs over 50, 000 people. Other prominent industries in Wake County include medical, electrical, pharmaceuticals, clothing and apparel, food processing, and more. It’s this diversity in the job market that has drawn people to the wonderful state.
Wake County is also home to many excellent educational institutions for students of all ages. Prominent institutions include North Carolina State University, Shaw University, and Meredith College. There are also numerous primary and secondary schools making the region a great place for families.
Top Tips for Real Estate Investment in Wake County, North Carolina
Conduct a Rent Survey
It is very important to conduct a rental survey in your areas of interest during the initial phase of your investment. This will help you determine the amount of money you require to make this investment and which locations are the more affordable.
During the survey, find out how much other properties in those areas are charging for their rent. This will help you determine the amount of rent to set for your property. It will also enable you to make calculations to determine whether the investment will be profitable or not.
You need to also look at the most attractive properties and their target market. Are you looking to target young professionals or maybe students at the universities? The best way to determine demand is to look at the occupancy rates of similar properties in the area.
Opt for High Rent Neighbourhoods
To maximize the Return on Interest (ROI), it’s better to opt for properties that have moderate to high rent in Wake County, North Carolina. Remember that the rent needs to be in line with your target demographics’ wants and needs.
When calculating rent ensure to account for everything including renovations and any other expenses that may be incurred such as legal fees, property management fees, and service providers fees.
Determine the Best Region to Invest In
After you have identified the rental amounts for different areas, you need to pick a suitable location for your property. Do you want a property in Raleigh, Apex, Cary, Fuquay-Varina Holly Springs, or Morrisville? Using the information gathered from the rent surveys and occupancy rates surveys will help decide on an ideal location.
Investors should also do some research to determine the most attractive amenities that their target market looks for. During this survey consider factors such as security and proximity to areas of interest among other factors.
Consider Hiring a Property Management Company
A property management company could help you run your investment smoothly, especially if you are a beginner in real estate investment. An experienced and qualified property manager could help guide you through the essential first steps to get you started on the right track.
What’s more, they can help you with the day-to-day operations of owning and managing a rental property. For instance, as a landlord you need to ensure that your property needs to be habitable, which requires vigilant monitoring and prompt response to tenant requests.
A property manager can provide professional advice throughout your real estate investment journey and can ensure your peace of mind.
Speak to Other Investors About Local Real Estate
The benefits of speaking to local real estate investors and experts could be numerous. Just do a quick Google search and you could find and join a real estate group in Wake County. You can also consider asking your property manager to link you to some of them.
These groups are a great way to network with other investors and know various people in the region. It will also keep you updated on the current affairs in the county.
In a Nutshell: Real Estate Investing Tips in Wake County, North Carolina
Above are just a few tips that could help you as you the world of real estate investing. There are many benefits to investing in North Carolina and with the right team by your side, you’ll be able to enjoy the investing process worry-free!
For any questions regarding this or property management matters, please reach out to Ballo Realty Property Management. Our trusted team of real estate professionals is always available to respond to your questions. We are proud to provide our services in the areas of Raleigh, Cary, Apex, Morrisville, Fuquay Varina, and Holly Springs!