Jackson Heights Houses are the perfect passive income investments while offsetting your own living expenses. One of the biggest dilemmas when entering the world of real estate investing, is where to buy your first home. Jackson Heights in Queens New York, offers a wide array for houses featuring 2 and 3 family quarters. The question is not if but when will you take the next step and with historically low mortgage rates and so much opportunity, why wait.
Duplex and Triplex Houses in Jackson Heights
In Queens New York a two or three family House or as they are called in other parts of the USA, a Duplex or a Triplex, is the perfect vehicle to live and generate rental income simultaneously. One of the most important questions you should ask yourself when buying an investment home is, how fast would I be able to find a tenant. Jackson Heights in queens NY is an area with a very high demand for rental, due to its proximity to Manhattan and the number of subway lines available in Jackson Heights.
Great for First Time Home Buyers
2 or 3 family houses for living and generating investment, are probably best for first time home buyers. Why? because it is relatively easy to manage a property, while you are already on site, being that you don't have to travel anywhere. Not only can you easily manage the property, but you will also have the ability to fist hand screen tenants before you hand over the keys, as opposed to having to hire a real estate broker, if you live far from the property. Also because you will be living in the property, you will get better mortgage terms being that the property will be considered owner occupied. Just make sure that before you buy Jackson Heights houses that you are aware that you will be living next to your tenants and you will also become a property managers. Remember that you will also have to either shovel snow or pay someone to shovel snow in the winter time. However the rewards far outweigh th negatives. Why should you look in Jackson Heights or an area as desirable as Jackson heights, simply because is not fun to have a vacant property for long periods of time. Remember you will need the rental income to offset your own living expenses and making sure the location is as desirable as the property.
Get Ready Before Your Purchase
It is important that you acquaint yourself with your local building laws and local codes as to what you can and cannot do. Yes it would be fun and money would be great if you also rent the basement, you better find out if your basement if legal to be rented as an apartment. It is as important that before you buy any home, you invest in having it inspected and make the house is up to code and nothing is illegal or else you would have to hire people to bring the house back to its original estate. Remember you can always negotiate before you purchase but not after, thus investing in an inspection is paramount to your success.