Not all real estate property types may be appropriate for new real estate investors. There are many factors to consider when making the decision to add real estate to an investment portfolio.
When deciding on a residential real estate investment Belize Real Estate strategy, some options for new investors to consider include:
Rental units
Rental units can be considered both long term and short term investments. Types of properties that may be considered for this category would include:
- Detached single family homes
- Attached single family homes
- Multi-Unit properties
- Condos/Townhomes
Being a Landlord
Not everyone has either the desire or inclination to be a landlord. Dealing with tenant and property issues can be very stressful and time consuming. One way to minimize the impact of being a landlord is to hire a professional property management company.
Hiring a professional property management company has several advantages:
- Allows owners of rental properties to be ‘shielded‘ from dealing with tenant and property issues directly.
- Provides a buffer allowing the owners to maintain a hands off approach to managing their properties.
- May provide a less stressful experience
- Offers the ability to purchase real estate investments not immediately local to the investor.
- Provides a single contact point for all issues regarding the investment property.
Professional property managers are well versed and prepared to manage tenant and property issues as they arise. They will typically take care of all issues relating to the property.
Many offer their services at reasonable prices and rates while others can be quite expensive depending on additional services being offered. You may expect property managers to provide the following services:
- Advertise properties available
- Recieve applications for tenancy
- Perform Credit and Background checks for applicants
- Recommend rental pricing
- Pay maintenance and/or repair bills for the owner
- Send monthly statements and rental income (Less any outstanding bills. Typically these are deducted and itemized from the rental income and will appear on monthly statements)
