Savvy and novice investors are always on the hunt for Lake Charles Properties that can be rented. Investors look for ROI (return on investment) and how much profit they can make on top of rent. Many investors will choose to purchase a property with a line of credit and/or finance their purchase, so the rental income needs to exceed that note to provide profit. Included in the calculation you must also allow for wear and tear, repairs, insurance and maintenance of the property. Depending on the investor, each will have a different target number and formula.
Many Lake Charles investors are looking for homes to “flip” homes that can be rehabbed and either rented or SOLD for a quick profit.
When searching for a flip investment property, the investor client can overlook cosmetic issues with a home. The investor is going to do some remodeling and updating and will already have a budget in mind when viewing Lake Charles Homes for Sale. So the investor is looking for a home with what I like to call “good bones ” meaning, existing living space and structure.
Given the current low inventory in Lake Charles Real Estate, properties that prove to be a good investment for rental income and/or flip property don’t last long. Everyone has the same idea and more and more investors are jumping into the Real Estate market. Many investors think that Lake Charles foreclosures and HUD homes are good buys because they are cheap but that is not always the case and could be an issue with financing as well. When paying a cheap price you may end up paying the price with structural issues, termites, plumbing and electrical repairs!
Lake Charles Investors are always looking for properties that are in great locations that with a little bit of TLC and modern updating are what the Lake Charles home buyers are looking for. When choosing a Lake Charles home for investment, look for what can be rented right away without the expense of making repairs. Good clean interior and condition will be attractive to a renter when viewing.
Flipping isn’t all that easy as the TLC TV show makes it to be. There must be a profit margin and quick turn time. Lake Charles property investors need to be willing to look in a higher price range and listen to their Realtor’s advice. Be ready to write the offer when a property is available! Let me guide you to the right property for you. Call me today Marilyn Boudreaux 337-499-9592