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To get the best return, location is everything. Location, location, location. It can’t be stressed enough: location comes first.
Then, the type of property, since that’s what we’re aiming for; in fact, there are always expenses associated with any type of housing. The idea is to minimize them.
Let’s take the condo for instance, we know that beyond the property tax costs, there are also maintenance fees, which we’ll have to deal with.
Then there’s the type of property, such as townhouses. We were talking about them earlier; they’re semi-detached houses that are lived in like a house, except they’re managed in the same way as condos, that is, with a homeowners’ association. So you’ll have maintenance fees, but they’ll be much lower than for a condo.
Because the electricity bill is completely different in a townhouse community than in an apartment building. You don’t have hallway lighting, you don’t have air conditioning to run in the hallways, you don’t have any of that because it’s all outdoors. So, you can have properties where you can significantly increase the rental income, of course, with much lower expenses.
And then there’s the house, of course; you get a return on your investment, but you also appreciate the idea that your money is tied up in an asset that will appreciate in value over time and much more.
