Residential complexes are a great investment for anyone looking to enter the real estate market. With so many residential complexes available across the country, there is no better time than now to start investing in these properties. The Prestige Aspen Greens project is a prime example of how investing in residential properties can yield excellent investors. This blog post will discuss few ideas that you can use when investing in residential complexes and how they can help your business grow.
- Use the SBA
The Small Business Administration (SBA) is an excellent tool for small business owners. If you want to get a loan for your res complex, consider asking them about their commercial real estate loans program. With this program, they provide long-term, fixed-rate financing with very low down payments.
Another great thing about using the SBA is that there are no fees if you use one of their participating lenders in your area. As a result, it can save thousands of dollars on closing costs compared to other banks or lending institutions.
- Partner with Investors
If you are looking to purchase a res complex in an area, not your home, consider partnering with another real estate investor. They can act as the property manager for your new investment while their team handles all day-to-day operations. This will allow you to focus on finding more properties like this one and save both parties money in management fees. It also provides for multiple eyes on each project at once, which increases oversight into any potential problems or issues during the renovation.
- Consider Renovation Loans
Instead of purchasing a res complex outright, consider using one of the many renovation loans available. These allow you to buy an existing property with all sorts of potential problems and fund renovations on the spot. This will save time in getting your new investment up-to-date while also allowing for more flexibility than traditional mortgages might provide.
- Add Value to Your Investment
One of the simplest ways to add value to your investment is by using a service like Air BnB. This allows for people looking for short-term housing options in your area, giving them an affordable option that doesn’t require long-term commitments or leases. You will have more vacancies than are never ideal, but it also means increased cash flow when they become occupied.
- Sell or Lease Out Parking Spaces
Residential complexes come with parking spaces for each unit. If you own a large property, consider selling some of those dedicated spots to another company like Zip Car or Enterprise. This could provide even more income and will give your tenants the chance to utilize these additional services without having them take up space in their apartment complex.
These are just few ideas for investing in residential properties, but there are many other options available when it comes to maximizing returns on your investment. Be sure to do your research first before making any final decisions about what route makes the most sense for you, and don’t be afraid of asking for help from your banker or a real estate professional.