Jane is a successful career woman. She is busy with her job and has little spare time. Some of her friends have recently gotten into real estate investing and she is interested in the idea but is a little concerned that she won’t have the time or energy to handle the responsibilities of a landlord.
Based on her profile, we recommended that we seek either a high-end property for executives or ex-pats or possibly a student rental focusing on mature students such as post-grads.
The reason we recommended this type of property was that she could expect excellent rental income and, unlike a multi-unit income property, she would not have to manage multiple tenants. Executives and mature students are also likely to be low-maintenance tenants and respect the property. Furthermore, by focusing on the best locations downtown and close to the universities, she would find properties that were very easy to rent and that would have a lot of potential for appreciation.
We found Jane a 3-bedroom condo in a brownstone in the heart of downtown, just a 2-minute walk to the metro and 5 minutes’ walk to a local university. The property was in good enough condition to rent to students with the potential to rent to executives with a few minor upgrades.
We helped Jane get her place ready and also found her a tenant. The place is currently rented to a university professor and his family. In the event that there are maintenance issues Jane can use our network list of reliable professionals. Although this property requires minimal management she always has the option to request our management services.