Eddie Brissett, The Brissett Group LLC and First Place Realty Group LLC, Pena Realty Corp.Phone: (617) 816-1426
Email: [email protected]
Email: [email protected]
Buying a rental property is an excellent way to invest in real estate. It can be very profitable as an individual or when working with a larger investment entity. However, some rental properties are definitely more profitable than others. If you're considering investing in a rental property, pay close attention to these key features:
Profitable rentals are usually in high-demand neighborhoods, and specific areas can affect your vacancies and turnover. For example, if your property is in a college town, you may have plenty of potential tenants leaving more vacancies during the summer months compared to the rest of the year.
The overall quality and popularity of schools in the area can affect a rental's profitability. Properties near highly rated schools and in popular districts will bring in higher profits when it comes time to sell your property or rent it out.
Rental properties in areas with high employment rates and rapid growth attract the most tenants. The proximity to large company offices, industry and other high-volume job generators will increase the property value and your eventual profits.
Access to amenities and culture is crucial to the overall demand for a rental property. Parks, restaurants, grocery stores and entertainment all make for profitable neighborhoods. Also consider the proximity and availability of public transportation. Properties conveniently close to bus lines or subway stops are popular among renters of all kinds.
No matter how sought-after the neighborhood or property, a rental has to be affordable to generate income. The most profitable and least-vacant rental properties are strategic about their rent and other fees. Study the average costs of living and rent of similar properties in your area to determine what potential tenants expect to pay. This will also help you turn a profit when you sell the property down the road, as properties with historically low vacancy rates are attractive to investors.
If you're interested in making money investing in rental properties, these are all important factors to keep in mind. Consider what the most successful properties have in common and use that as a guide to help you find the best investment.
Eddie Brissett is a native of Newburyport, Massachusetts where he attended Newburyport High School. He graduated from Fitchburg State College (FSC) with both a B.S. in Business Administration and an MBA in the late 1990s. He also played basketball at FSC.
In 2004, his real estate dream began when he purchased his first property- a condo. Working primarily in financial services for nearly 15 years, he transitioned into real estate full-time in 2013. He was the Condo Board Chairman (2005-2018) of the Rich Street Condo Association. He credits his parents and mainly his mom as among the biggest influences in his life. As a licensed real estate agent in several states, he serves buyers, sellers, renters, and landlords throughout the commonwealth of Massachusetts, Rhode Island and Florida.
"From an early age, I learned the value of hard work and standing by your word from my parents. These traits along with teamwork were reinforced from some tough sports coaches that I played for."
He enjoys spending his free time with family, friends, hiking, watching Boston sports teams, and is an accomplished billiards player.
