By Caren Rotich
In the 21st century there has been a shift from home ownership to renting of homes which has given a boost to the apartment -rental niche in the market.
Apartments attract tenants year in, year out. Therefore, buying and renting apartments can provide a very good opportunity for the real estate investment companies.
To enter this lucrative business, you need to know how to locate and buy apartments and rent them. But the most important thing is for you to register your business. Registering your business helps you gain financial protection from business debts.
The other important thing is for you to ensure that you have obtained a residential real estate license. A license ensures that you are recognized by the law and that you know your legal duties and responsibilities as a licensed individual or a company.
In this kind of business, ensure that you establish business credit for your company. Most or we can say, many mortgage lenders are hesitant to lend to new companies who dont have a credit history. Your personal credit, even if it’s a brief credit history, can easily give you a boost in this area.
Also ensure that you work with local mortgage lenders , proficient real estate agents and qualified property managers, to help you locate properties for sale. Here, you need to establish as many contacts as possible in order to receive quick notifications, when little-know properties are going up for sale.
And once you have identified an apartment in good condition, purchase it, refurbish it and then rent your apartment properties. Make sure they always have fresh paint, new appliances and the full range of amenities offered by competing companies in your area.
When all is said and done, you can now place your property listings online or as advertisements or you can also place them in the local real estate listings available in your area.
With this kind of information on buying and renting apartments, you can now venture into this lucrative kind of business. And with time you will be all smiles into the bank.