I’ve had the opportunity to test some remodeling skills on a couple properties now, but I am about to embark on my biggest challenge yet with a new rental property!
At first glance, this house looks like it may be easier just to bulldoze the whole thing and start right over! BUT…. flipping properties has always been a dream of mine and with a lot of work and patience, the house will be good as new and will make the perfect home for a family!
Let me start by saying that I am not a real estate agent, nor a financial advisor, so I am not qualified to tell you what is and is not a good investment. What I can say is that many individuals see the benefits of investing in real estate, whether it is intended to flip and sell, or use as a passive rental income property. It may take some time to re-coop your initial investment, but with the right property, there could be a great opportunity to create a supplemental income and if you are passionate about home remodeling and DIY projects like me, you can enjoy the process along with way!
This leads me into this month’s topic about insuring investment properties. It is important to insure the property correctly so your liability coverage protects you in the event someone is injured or their property is damaged, as well as protecting the structure and any contents you may own that are on the premises. Here are a few tips to ensure you have the appropriate coverage:
These few tips will help guide you in insuring your investment. Once you have found a property, get it properly insured and have completed any necessary repairs or remodeling, you are ready to get it listed FOR SALE OR RENT!