As we mentioned in this post, there is an increasingly large population of people looking to rent in Indiana. You might be hoping to capitalize on that fact by purchasing a property you can rent out all or part of. Let’s go over some important considerations when making this type of real estate purchase.

1. Short-term or long-term rentals. First, try and decide whether you want to be involved with short- or long-term rentals. With short-term rentals, you are mainly catering to vacationers. With long-term rentals, you are renting out to tenants who will usually be with you for the length of a lease. Both have their pros and cons. If you are only taking on short-term renters, you may be able to leave the property open to your own use as a vacation home for part of each year.
2. Ideal renters. Figure out what types of tenants you want to attract. What are their ages? Their income levels? Their goals? Answering questions like these will help you choose a property in a location (see below) that will help you draw these kinds of tenants or guests.
3. Location. In Florida, you have your pick of many beautiful properties in appealing areas, whether you are renting to long-term tenants or short-term vacationers. Try to choose a location that will offer a great living experience to your tenants, and where your property is likely to gain in value over the years ahead.
4. Property management and maintenance. One more thing to figure out is how you will manage the property. Are you going to be living on- or off-site? Will you be managing it yourself, having a property management company do it, or a combination? Are you able to budget sufficiently for property management fees, maintenance and repairs?

Add to Your Real Estate Investment Portfolio in Indiana

We can help you buy a home to rent out anywhere in Indiana. To get started, please call us today at (317) 255-0062. We will connect you with a competitive loan that helps you maximize your return on investment.