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5 Types of Properties to Pursue

If you have ambitions of becoming the next Donald Trump, then it is perhaps the right time to be dreaming. As the Boston investment climate is continuously on the upswing - as evidenced by the addition of more than 8,000 newly-constructed properties across the region that are either nearing completion or have broken ground; there are many who are thinking of taking advantage and riding the next wave of the real estate boom. If you're one of them, then listen.

Just like "The Donald" did when he was starting out, minimizing risks in investments is a wise and necessary step before you put your hard-earned income into escrow. Earning from your income-generating property is THE end goal, and keeping an extra eye out when looking and evaluating a prospective investment will help you become the next Kingpin of Beantown's buildings.

Free Yourself From Fixer-uppers If You're Flipping - Though it could be a very good investment in the long-run, properties that require more work will require more money hence lower investment returns in the foreseeable future. If you're gunning to flip a property and cash in on the instant, then  look at properties that are in good shape, but not necessarily off your purchase price.

General Market Gems - Although penthouse properties and downtown districts may seem appealing, stay away from them if you're just starting out your property portfolio. These properties are great to live in yourself, but they don't necessarily have good cash flows. The real cash cows are in the working-class neighborhoods, where demand for "affordable" housing is always a plenty. This will surely keep you afloat, and keep the rental checks coming in.

Credit Check Compliant - Look at properties who already have tenants in them. More importantly, tenants who have good to decent credit scores, so you know you'll be protected. Properties that are in areas that have tenants like these often mean that in the event that you'll need to replace your current one, you'll find someone of the same caliber.

The High & Low of It All - Location aside, properties that have either low or high vacancies have their plus and minuses. One important factor to consider when investing in a property is how badly to do you want to earn? Buying a property with low vacancy rates leaves it prone to burglary, theft, and vandalism; whereas high vacancy properties could drag on before you could find a tenant who will pay at a fair rental price. One rule to help you out with this is the drive-in rule which basically says that if you drive-in at night at a neighborhood that you like and most of the street lights are out, then you should be looking somewhere else.

Finds for Forever - The most important factor in real estate investment property is to own it for a long time -- in fact, forever is the optimal ownership horizon. So do your due diligence and buy quality properties that you really like for all the right reasons, and plan to own them for good. That's your best bet to earn wealth on real estate.

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