How to Find a Profitable Rental Property [INFOGRAPHIC]

As the Staten Island rental market continues to grow, demand has never been higher which means your time to invest in a rental property has never been better. We know that choosing your investment property can be tricky. But when you find the right profitable rental property, you will have an excellent investment that will be profitable for years to come!

As developers, investors, owners, and managers of a vast real estate portfolio, here at Gateway Arms Realty Corp. we share common goals with other commercial & investment property owners.

7 Steps to Find a Profitable Rental Property

Here are a few tips to help you find which property will provide you a good return on your investment:

1. Choose the Type of Property

Your first step is to consider the type of property you would prefer to invest in. Are you looking for a single family home, condo, multi-family home, or a larger apartment building?

2. Manage That Property

Consider whether you will be taking care of your rental property by yourself, or if you would need the services of a professional property management company for your rental.

We create custom management plans for all types of properties, and believe in working closely with our clients to identify their individual goals in an effort to bring their investments, security, and confidence to the highest level.

CLICK HERE to discover the benefits of using a Building Management Company

3. Search Neighborhoods

Narrow down the neighborhoods and areas you would like to consider for your rental property. The quality of the neighborhood will have a great impact on whether your rental property is a profitable rental property, or whether it will sit vacant. Consult with the licensed professional Gateway Arms Investment and Property Consultants to help you find the perfect profitable rental property in Staten Island.

4. Find Out What’s Nearby

Find out what employers, schools and attractions are nearby. Finding out these the answers will give you a better idea as to what your potential tenants may do for a living, and what their lifestyle is like. If high paying employers are in the area, your rental property may have a higher rent. Likewise, if there are desirable schools, dining, shopping and recreational activities nearby, (like we have in St. George and the North Shore) tenants will be drawn to the area.

5. Consider Environmental Factors

Choosing a neighborhood with many outdoor activities can make a neighborhood much more appealing to live in. In St. George, there are numerous parks, local beaches, and waterfront areas that offer activities ranging from walking and biking to playing tennis and swimming.

6. Examine the Condition of the Property

Whether you’re looking for a property that’s in prime condition or one that could use some work, we’ll help you find what you’re looking for. If you choose a fixer-upper, you need to be prepared to experience a period of vacancy until the property is in rent-ready condition. At Gateways Arms, we deliver the hands-on experience property owners can rely on to make their property operate more efficiently and effectively; we always concerned with their bottom line.

7. Start the Search for Your Profitable Rental Property in Staten Island with Gateway Arms

Ready to find your perfect investment property? Remember, the best protection for your profitable rental property investment is quality property management services. Gateway Arms is here and ready to assist you on your search to for the right profitable rental property in Staten Island.

Contact us today to learn more!