Friday, 30 October 2015 00:00

Becoming Familiar With the Neighborhood of Renters You Serve

Know Thy Neighborhood for Renting Success?

feeling mighty successful'What is a good cap rate' is usually the first metric people look for when determining whether the potential real estate investment is appealing to them. If you are wondering what is a good cap rate, it's up to you to decide. For instance, if you're getting a good 6% percent for a shaky neighborhood with plenty of risks, 6% might not be worthwhile. Finding good tenants in a good neighborhood is what matters. Getting to know the neighborhood is surprisingly one of the simplest ways to improve the value of your rental property.

The more involvement you show, the easier it becomes to identify areas of the community that you can enhance. It is beneficial to understand and support the neighborhood you are serving because it will also encourage others show pride in the communities they live in.

Here are few examples of the neighborhood activities you can involve yourself in:

Organize a clean-up. If there are problem spots such as places where people dump their unwanted items, rally a group and deal with it first. If you have fairly clean neighborhood, enhance it even more by planting flowers and trees. Make sure to provide water and refreshments to the participants.

Attend events. Neighborhood meetings to book clubs and block parties, try every event. If there aren't such events in your neighborhood, start your own club. The goal here is to participate in a variety of events so you can meet the neighbors. Here you will easily find people responding to your query of what is a good cap rate and much more.

Socialize online - Many neighborhoods use social media platforms, such as Facebook and Twitter to share information about upcoming events, news, concerns, etc. Posting such information is a great way to generate a presence among the social media users in the neighborhood.

Go to church. You may already be a member of a church that you regularly visit, but it doesn’t hurt to attend your neighborhood churches too. Attending church is a great way to get to know your neighborhood. Choose a different church every month and meet different people.

Volunteer your time. Many neighborhoods include community centers, non-profit organizations and children’s centers which allow people to get involved. Check them out before you make any commitment. Once you find the one you like, you can take it easy and help out at events, or participate or join the board of directors.

Speak with the local kids. A good idea to know your rental community is to speak with the local kids. Young people often have a huge amount of information about their neighborhood. They often have a good insight into their neighbors and the things that they love the most about the community. Kids may not know what is a good cap rate but they will surely reflect how the area caters to families.

Real estate investors use different financial tools to make smart investment decisions and to answer questions, like what is a good cap rate. Don’t let the idea of becoming part of a bigger community than where you personally live get to your head. Stretch your social sphere to include the neighborhood of renters that you serve. Remember to manage your time and involvement by committing one day or one week each month to participate in community activities.

 

 

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