Navigating Real Estate Investments in 2024: A Practical Guide
Introduction
Josh Baldovino shares his expertise on buying profitable rental properties in 2024. With experience in long-term rentals, short-term rentals, and an apartment complex partnership in Dallas, Texas, Josh offers a comprehensive guide for both new and seasoned investors.
Understanding the Market
The first step involves identifying promising markets for investment. Josh suggests using resources like BiggerPockets and other websites to find the best cash-flowing markets. By comparing multiple sources, investors can pinpoint cities with common positive attributes, such as Dayton, Ohio.
Property Analysis
Josh demonstrates using Zillow to analyze potential properties. He emphasizes the importance of the rent-to-price ratio as a key metric for evaluating cash flow potential. A practical example is provided, analyzing a property in Dayton, Ohio, including considerations like property taxes and insurance costs.
Utilizing Tools and Calculators
He introduces various tools for more detailed analysis, including his own rental calculator. These tools help in estimating realistic costs, including rehab and closing costs, and calculating potential returns.
Real-Life Case Study
Josh walks through a real-life example, evaluating a duplex in Dayton. He highlights the importance of considering factors like management fees, maintenance, and capital expenditures. By crunching the numbers, he shows how to determine whether a property is likely to be a profitable investment.
Conclusion
The guide concludes with Josh underscoring the importance of thorough market research and detailed property analysis. He also points out that in competitive markets like the Bay Area, looking outside one's local market can be crucial.
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