1. Home10’s best advice is never to invest in a property without checking the area around it. There are plenty of websites and places where you can find out exactly where the property is located and what the general condition of the surrounding population is.
2. Always look into the prices of similar properties in the area.
3. The US is huge – there are large areas that are not populated or have been abandoned, and it’s therefore imperative to examine the neighborhood carefully and find out what the percentage of empty homes is.
4. Make sure the property is renovated and meets American standards for rental apartments (in some states, escrow cannot be closed without the apartment being certified by a city inspector).
5. It is important to check the infrastructure around the property (anchors), for example:
- Parks and recreational areas
- Public transport
- Hospitals and medical clinics
- Employment options
- Shopping centers and malls
6. Take outlying and upkeep expenses into account. For this reason, it is important to be regularly in touch with the management company that is handling the property and to be aware that sometimes things don’t go smoothly. There could be delays, repairs needed, tenants who don’t pay, etc…