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1/31/2023

Creating an Income Property

Creating an income property can be an exciting and profitable venture, and Olympia is the perfect place to strategically invest in rental properties. It’s a great way to build long-term wealth and generate a reliable, passive income. But just like any other investment, there are risks associated with this type of venture. Before you dive in, it’s important to properly assess your financial situation and determine if purchasing an income property is right for you.

One of the first things to consider when creating an income property is the type of property that will fit your needs. Different types of income properties have different costs – from upfront purchases to ongoing expenses such as maintenance and taxes. Review your budget carefully to ensure you have enough funds set aside for the purchase and upkeep of the property. Additionally, do your research on the local real estate market to understand current prices for properties similar to what you are looking for.

“It all comes down to what is your ultimate goal,” agent Tim Lynch says. “Do you want to be a landlord? Do you want to have investment properties out there generating cash flow for you, gaining additional equity for you?”

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What to Consider When Selecting a Rental Property

When selecting a property, also consider its potential rental value. This includes assessing the neighborhood’s rental rate and evaluating amenities such as nearby schools, parks, shopping centers, or entertainment venues that could attract renters in the future. Additionally, inspect the condition of the building and look into any necessary repairs or renovations that may need to be made prior to renting it out.

Here in Olympia, short-term rental property investment is also a good option for those looking to create income.

“Olympia has the legislative session,” Tim says. “You can use your house for a midterm rental for two or three months at a time. We also have lots of traveling nurses for our hospitals around here, so that's another avenue that you could utilize a less than one-year term, the midterm rental, we would call those as well.”

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Talk to Professionals

Although creating an income property can be an intelligent financial decision, it can also be overwhelming due to all of the details required to make it successful.

Be sure to consult with experienced professionals throughout this process, such as real estate agents or tax advisors, who help guide you through each step – from researching potential properties to drawing up rental agreements once tenants are found. With proper preparation and expert guidance, creating an income property can be a lucrative opportunity that yields long-term benefits for years down the road.

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