I helped a client purchase a home in the West Cleveland area about 3 years ago. When we put it up for lease a nice young couple leased it. The home was in the Kamms Korner area and they really loved the home. That same couple still live today and just keep renewing their lease at $1200 a month. That is a great income stream!
The other major factor I have recently noticed is that property management plays a huge roll in keeping tenants for long term. My wife is a broker and has a Property Management company and Manages 50 units. There has only been 2 evictions this year, one tenant moved after living there for years. The other tenant was a home we just got that had been mis-managed.
That is why the property management is so crucial to the success of your income real estate. There has to be communication with the tenants. The better the rents the better the tenants.
We also locate properties that will not only create income, but the homes are in areas that are creating equity. A lot of investors leave this part out of their overall real estate plan. This is very important to building wealth.
We have a income property that has grown $100,000 in equity. The property is a great income property and I recently checked the value and could not believe the equity growth. That is building future wealth,
To wrap it up creating long term income real estate takes three things. 1. Good areas that attract long term tenants. 2. Good property management 3. Areas that are growing in value for future equity.
That is important information that you need to consider when buying income real estate. Need more information text income to 1-937-529-0765 or call me I'm Brett 216-703-5740 Icon Agent at Exp Realty.
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Thank you