When you are shopping around for rental investment property it should be kept in mind that just because you find a property with a good price; that does not necessarily mean that it will make a good rental property.
There are simply some properties that are more suitable to rent than others. This can be one of the most common mistakes many people make when they purchase their first rental property. By understanding which properties should be avoided, or at least how to handle problem properties, you can be more confident of your success.
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Outdated homes are a prime example of properties that do not make the best rentals. One of the main reasons that outdated homes do not often make good rental properties is the fact that they are simply more prone to have things go wrong with them. In some cases, this can turn out to be quite expensive.
You will have two choices when dealing with an outdated rental property; you can either spend the money to update it and risk your profit or you cannot update. The latter is also quite risky as most renters if they have a choice, will rent a property that is updated.
Renters typically expect the properties they are renting to be safe, secure and have working systems and appliances. Some of the main problems you may run into with outdated problems include plumbing issues, roof leaks, cracks and settling, electrical problems and the ability to obtain parts for appliances.