If you're searching for investment opportunities in Idaho, now is the perfect time. As stock investments are always uncertain and the demand for rental property is going up, it's wise to keep your money tied up in rental property and reap the benefits of a steady second income. Investing in rental property at any age can be a wise place to put your money, as real estate is a wonderful asset to have. As long as you have tenants, you could have a steady income pouring in. Let's examine the top 7 advantages of owning rental property in Idaho:
- Positive cash flow each month
- Income tax advantages
- Appreciation potential
- Stable monthly expenses
- Low risk investment
- Part time commitment
One of the first pieces of advice you'll get before taking the plunge into investing in rental properties is finding a location that will attract a large pool of potential renters. The great thing about Boise is that BSU has over 20,000 students, and all those 20,000 students generate a healthy gathering of well-qualified potential tenants. Many BSU students of all ages need adequate off-campus housing. For instance, take a five bedroom house in southeast Boise, rent out each room for $400 a month and you've generated $2,000 a month.
If you live in Nampa or Meridian, or are looking to invest in Idaho properties around the Treasure Valley, the College of Western Idaho is the state's fastest growing community college. Located just off I-84, the college has over 3,000 students and the market for rental properties is on the rise.
Buying real estate with the college student in mind is just one avenue to look down. Each neighborhood has its own demographic quirks, and its simply a matter of doing your homework. Everybody needs a place to live, and the largest component of where people look is price. Middle-of-the-road properties will appeal to the largest pool of potential renters. Take these elements into account as you search for rental property:
- Single family home
- Stable, mid-priced neighborhood-low crime
- Area with high demand for housing
The lifestyle and financial benefits to being a landlord and owning rental property in Idaho are many, and as long as you do your homework and choose wisely, your investment will bring in the monthly cash for as long as you want it to. Despite a changing market, home values have risen an average of 5% a year. Why not let your renters pay off your mortgage as your home value increases and appreciates over time?
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