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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The better question is... Posted by Rick Harmon on July 19, 2010 at 11:38 AM In Reply to: What physical characteristics make a good rental property? posted by Berry S on July 18, 2010 at 6:15 PM Who's your target market? In other words, describe your ideal tenant and then look properties that they want to rent. This should be your mantra in any business product decision. There are clearly difference market segments who are searching for specific criteria. While the mid-block, tree-lined residential neighborhood is a common idea location, you might decide to pick a niche market to serve. Seriously, a friend of mine purchased a non-operating assisted living home and had a tough time getting it reopened. His solution: Find a (niche) market and serve it. Specifically, he determined (how, I don't know) that there were a large # of people with sex offender records in his community who could not find affordable housing. Since his property was remote and away from schools and suburbia, this was a perfect match. All judgment aside, people gotta live somewhere. Another friend likes to rent to the biker cloud (again, I'm just telling the story) and his tenants like properties in remote locations. These are just the type of properties that are hard to sell but easy to purchase and can sometimes cashflow really well. Yes, I presume they charge a premium for the "remoteness benefits." Anyway, if you're looking to rent to just regular folks, consider which end of the market, upscale (less profitable, can be difficult), lunchbox suburbia blue collar (works and has a job; lots of competition for good tenants) or lower income tenants, seniors wishing to remain independant in an SFR, Section 8 participants, and those in the special needs categories. The property that appeals to the greatest number of prospective qualified tenants would be a single story 3bd, 2 ba, 1200-1800sqft detached SFR, pitched roof, ample fenced yard, garage (off-street parking), mid-block, good schools, no grafitti, that Ward and June Cleaver (or Our Ward and Norise) would like to raise their kids in. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Who's your target market? In other words, describe your ideal tenant and then look properties that they want to rent. : This should be your mantra in any business product decision. : There are clearly difference market segments who are searching for specific criteria. While the mid-block, tree-lined residential neighborhood is a common idea location, you might decide to pick a niche market to serve. : Seriously, a friend of mine purchased a non-operating assisted living home and had a tough time getting it reopened. : His solution: Find a (niche) market and serve it. Specifically, he determined (how, I don't know) that there were a large # of people with sex offender records in his community who could not find affordable housing. Since his property was remote and away from schools and suburbia, this was a perfect match. All judgment aside, people gotta live somewhere. : Another friend likes to rent to the biker cloud (again, I'm just telling the story) and his tenants like properties in remote locations. These are just the type of properties that are hard to sell but easy to purchase and can sometimes cashflow really well. Yes, I presume they charge a premium for the "remoteness benefits." : Anyway, if you're looking to rent to just regular folks, consider which end of the market, upscale (less profitable, can be difficult), lunchbox suburbia blue collar (works and has a job; lots of competition for good tenants) or lower income tenants, seniors wishing to remain independant in an SFR, Section 8 participants, and those in the special needs categories. : The property that appeals to the greatest number of prospective qualified tenants would be a single story 3bd, 2 ba, 1200-1800sqft detached SFR, pitched roof, ample fenced yard, garage (off-street parking), mid-block, good schools, no grafitti, that Ward and June Cleaver (or Our Ward and Norise) would like to raise their kids in. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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