The market for Yonkers rental properties is growing, and local commercial real estate investors have their sights set on purchasing real estate to generate revenue. However, before purchasing Yonkers, NY rental properties, there are a few things commercial real estate investors and developers should do.
Get An Inspection
No two properties are alike, and Yonkers, NY rental properties each need something done to improve their habitability and rental prices. Whether Yonkers rental properties need something as simple as new fixtures, or a complete overhaul of the electrical work, getting an inspection will let you know sooner rather than later. Getting an inspection done before any plans are made or transactions are finalized will give you an idea of how much capital you will have to put into a property. Being able to budget ahead of time will save you from having to eat into your bottom line due to major unexpected surprises.
Line Up Your Contractors Well Before you Start
Quite a few Yonkers, NY rental properties need a lot of rehab work before tenants can live in them. Always shop around for reliable contractors before your finalize the purchase. Having contractors lined up and ready to mobilize as soon as the ink dries allows you to get the entire project done on or ahead of schedule. This also means knowing where to go to get the appropriate permits so remodeling and construction can start quickly, without running into any restrictions from the city.
Staging Is Important, Even For Rentals
Staging is something usually thought of for fix and flip projects. However, when listing Yonkers rental properties, taking time to stage the residence for high-quality photographs can draw potential tenants than simply showing an empty home or apartment. In the case of an apartment complex, having one unit set aside as a “floor model” is a great thing to have on the premises in order to give tenants a tour.
Financing Yonkers Rental Properties
Commercial real estate investors have a number of options available for financing Yonkers, NY rental properties. Hard money loans, for instance, cover those time-sensitive expenses while larger loans are still being processed. There are also lines of credit available for those CRE investors looking to acquire new rental properties or refinance existing Yonkers, NY rental properties in their portfolios. Additionally, there are buy and hold loans, for investors who want to acquire and rehabilitate properties in order to rent them to tenants further on down the lines.
At Lavan Financial Group, we offer a wide range of financing solution tailored for Yonkers rental properties. We keep the local market in mind to ensure your transactions and projects are completed quickly and efficiently, so you can start generating revenue.