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 Covington.
Market
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 Covington. 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.
Location
When looking for a duplex to invest in Covington, it’s important to choose the best possible location. Look for a property that is affordably priced and is in a good location within the neighborhood. Keep in mind that you can upgrade the property, but you cannot move it to a better location. Waterfront properties are especially valuable, so if you can find a duplex with a water view, it’s definitely worth considering. Maintenance and repairs can be expensive, so make sure you factor that into your budget when making your decision. With careful planning, you can find the perfect duplex investment property in Covington!
Basics
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 Covington.
Property Management
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.
Look for professional guidance from the professional investors at THINK3RE when investing in a duplex in Covington. So let the full-service team at THINK3RE help you succeed, from locating properties for your goals to keeping you on top of the real estate game so that you can adjust your investment strategy. And don’t forget to ask about our current inventory of the best investments available in Covington. At THINK3RE, our professional home buyers work with an in-house team of the most highly qualified pros across the industry, including our top-notch property management team, who can handle as much or as little of the management as you like, for instance, tenant screening. The local professional investors at THINK3RE know what to look for when investing in a duplex in Covington and are here to guide you. Call THINK3RE at 253-459-5600.