The property is your product.
If you own income producing property, you’re a businessperson and that property IS your product. Whether you’re looking for your first or 21st property, keep this in mind as you do your research because you’re probably quirky. This is no insult. We’re all a little strange in one manner or another. But what you do need to recognize is that the particular offbeat detail you crave in a house you live in might not be a great idea for a property you’re trying to rent out.
Maybe you can’t fathom the thought of life without a walk-in humidor. Face it, the percentage of renters looking for that particular structural “improvement” is pretty small. Pick whatever features you like for your own home but it’s better to err on the side of conservatism when it comes to income properties for investment.
Take a moment to look at the phrase “income property.” The key part is the first word. The point of this entire endeavor is to buy properties that you can lease for more than your expenses, thus resulting in a “profit.” Profit is good. And all you detail-oriented readers out there will now write to remind us that income properties are a multi-dimensional asset. Cash flow isn’t the only way to profit.
You are exactly right. Jason Hartman founded Empowered Investor Network to teach us that. You can learn about the other dimensions of real estate here .
The Platinum Team
