3 Questions to Ask Yourself Before Buying Property

Posted on Oct 26, 2020 in News & Events

Buying property is not something to take lightly. Here at CGI Real Estate Investment Strategies- we take into account a multitude of factors before putting money towards any sort of property, and we are here to answer any and all buying questions that you may have. Here are the top three questions that we value with the utmost importance when it comes to buying multi-family properties.

Is the property in a good location?
One of the building blocks of any good real estate investment is of course- location! Location is the main pillar of any sound investment- and with multi-family homes even more so. The main selling point for your building may even be its location. Many of our properties at CGI Strategies boast the best walkability scores in America- with shops, grocery stores, and restaurants just moments away. In addition- keep in mind the renting market of the city that your potential property is located in. Cities with a rising population and large diversity will bode well for any multi-family investment. Figure out how hot or cold the area’s real estate market is by determining if there is resale value in the community. Look at factors such as good school districts, easy access to freeways, home size and usable space, age and condition of the property.

Who will take care of property management?
Hiring the right team to take care of day to day management for a multi-family home is crucial to the success of any property. Make sure you have the right team lined up with the proper experience so that the needs of your tenants are taken care of. This may include a property manager, front desk staff, an onsite repairperson- the list goes on. Hiring personnel is a huge financial undertaking- so make sure this is something you can financially justify before diving in.

Am I ready to take on a multi-family housing investment?
Keep in mind a feasible budget for a project of this size, and make sure it aligns with the actual cost of the down payment, closing cost, and then factoring in any other unforeseen hiccups that may come up along the way. Not to mention the question above regarding staff. It is also important to consider the competition your building may face in the area in which it is located.

Purchasing a property of any size is not an easy process. For more guidance, contact CGI Real Estate Investment Strategies at info@cgistrategies.com.

Resources:

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