There are well over 300,000 property managers in the United States, as it continues to be a lucrative job for Americans. With so many opportunities abound, it's important to get started on your investments on the right foot.
But which properties should you invest in? And why are those the most lucrative investments for becoming a bonafide property manager?
That's what we're here to look at today. Read on to find out more about the 4 best types of properties to invest in as a property manager.
4 Best Types of Properties for Property Managers
When it comes to attractive real estate investment properties, there are a few common characteristics between the four best types we share here. The first is price, which could vary depending on your initial budget.
Another characteristic to consider is the viability of a long-term return. Will your property provide reliable income for years to come? Also, how much will it cost each month to maintain and manage your investment properties?
Look for characteristics that might be more appealing to the types of buyers you'll be marketing for. Do they need a smaller space for single families? Are they looking for larger homes? Maybe they want shared amenities.
Investing in real estate based on these characteristics will inform the types of properties you'll eventually look at. Let's now look at 4 types of properties that are ideal for new property managers:
1. Multi-Family Homes
Without a doubt, multi-family homes are attractive prospects for property managers. Why? Because of the potential for high cash flow.
Multi-family homes are residential properties that have two or more housing units. This means more tenants and a higher income for those who own the property.
It's worth noting that multi-family homes are more expensive to own, and obtaining them is more complicated than other types. However, owning multi-family homes in crowded areas often nets a higher income.
2. Single-Family Homes
On the other end of the spectrum are single-family homes, which are often detached buildings housing just a single-family. Suburban areas are always looking for these units, making them attractive to investors.
Not only are they often in high demand, but their financing processes are much simpler than say a multi-family home. They're also more affordable, making them a good entry point for new property managers.
Townhouses occupy an interesting spot in many housing markets, as they're similar to single-family homes but are usually smaller. You'll find townhouses in urban areas where spacing is tighter, necessitating smaller areas.
They are often multi-floor buildings but can house more than a couple of tenants. The price of townhouses depends on the market, but it could very well be in high demand if they're in urban areas.
Tenants who want a higher quality living experience with little to no responsibilities for maintenance and shared amenities often turn to condos. These are single units within larger apartment complexes.
While new property managers might not immediately look at condos, it's still a lucrative option if they're looking for higher ROI. Purchasing multiple condos allow sellers to advertise package deals for lower prices.
Right Properties for Property Managers
Property managers can get their careers off to the right start by choosing properties that offer high returns on their investments. Use this guide to help you understand just what those types are.
Looking for reliable property management services in Fort Lauderdale, Florida? Contact us today and we'll provide a solution right away!