Shopping for an investment property in 2020 can be a difficult proposition. With all the extraordinary events and circumstances going on right now, it might seem like a good idea to put the investment property on hold for a while.
But, if you know what you’re doing, there’s still plenty of money to be made on investment properties, even during a pandemic. Let’s look at some tips you can use to maximize your earning potential on an investment property during the Coronavirus.
1. Make Sure the Roof and Foundation are in Good Condition
For the roof, you’ll want to make sure it has the best asphalt shingles you can find. This will keep the roof looking fresh and prevent you from having to do any maintenance in the short-term.
The foundation includes the base of your building as well as the Frame Construction. While wood frames are quite common, if you want to stay ahead of the curve and help maximize air quality during the coronavirus, ICF construction is the way to go.
Not only will ICF’s improve air quality, but they are also much more durable and fire-resistant than insulated structural panels. This is especially important if you expect any protests to pop up near your property.
2. Look for Easy-to-Clean Surfaces
The easier your building is to clean, the more attractive it’s going to look until the coronavirus has been completely eradicated from our country. Easy-to-clean surfaces are always attractive, however, even without an ongoing pandemic.
The cost of quartz countertops is one example of a smart sacrifice to make in return for a beautiful, easy-to-clean material that’s going to attract a lot of potential buyers.
3. Location, Location, Location.
The location of an investment property is crucial to its success, but it’s never been more so than during the coronavirus. You want your building in an area that’s not only known for being low-crime but cooperative with social distancing measures as well. Look for an area that doesn’t typically see a lot of unrest, potential buyers are prioritizing security over almost everything else right now.
4. Check the Housing Market
As a lot of people have been financially impacted by the coronavirus, the markets for rental properties may be skewed. Check the local market for updated info to make sure you aren’t investing in an area where nobody has any money to rent out your property. A slight downturn can be overlooked but a major dip may indicate immediate difficulty in finding tenants.
5. How’s the Siding?
If you don’t want to invest in new siding right away, make sure the siding you have currently is up to par. That means it should be in relatively new condition and mesh well with surrounding properties in terms of aesthetic appeal. Old or out-of-style siding can have a big negative impact on your marketing efforts, so address this area before moving forward.
Don’t Let Corona Impact your Cash Flow
The coronavirus might be a major disturbance to many industries and businesses, but by following the tips we’ve laid out here for you, you should be able to find a new investment property that will generate revenue even in these hectic times. As long as you do your research, you’ll be able to find a profitable investment that works for you.
About The Author,
Corey Tyner is the owner of Phoenix Home Buyers and Buyyodirt. He is one of the top real estate investors in Arizona with over a decade of experience. His work has been featured on Bigger Pockets, Real Estate Agent Magazine, and several other real estate investor publications.