If you’re a single parent who wants to learn more about property investment opportunities, we’ve got a great guide to help you reach your goals. Click here to learn more about housing for single parents.
As a single parent, we know you’re always looking for ways to make some extra income.
One way you might not yet have considered?
Yes, it’s totally possible for you to be a single parent and rent out a home for a little extra cash on the side.
In this post, we’ll tell you everything you need to know about finding investment housing for single parents.
Read on to learn how to get your side hustle on!
1. Get your Finances in Order
It’s no secret that single parents need to know how to stretch their budgets to the max.
However, if you’re considering buying a home, you need to make sure this is truly the right time financially.
Can you afford the down payment? How much debt do you have? Can you afford to wait a while before earning income off the property? How much of a salary are you making?
What other big expenses do you have coming up?
If possible, avoid taking out single parent loans to buy a home.
This is because they often come with high interest rates that ultimately wouldn’t make the income you earn on the property worth it.
2. Consider the Neighborhood
When you’re looking for housing for single parents to use as an investment property, you should also think about things like the neighborhood, nearby schools, and walkability/ease of transit.
Are there malls and grocery stores near to the property? What about nightlife, crime rate, and the projected growth rate of the neighborhood?
These could all impact the “rentability” and the future price of the home.
In addition to the neighborhood, also take a look at the current state of the home.
While buying fixer-uppers might seem like good apartments for single moms to invest in, understand that the remodeling fees can be seriously high.
Plus, you’ll have to wait until all those renovations are complete before you can rent out or flip your home. As a parent on a budget, you may not be able to afford to wait!
3. Work With a Property Management Company
As a single parent, you don’t always have the time to take care of your kids and worry about running two separate households.
A property management team can not only help you to take care of maintenance, collecting rent from tenants, and more. They can also save you time and give you a flat fee every month, as opposed to making you calculate the costs separately.
Take a look at companies like Melroy Property Management to understand the levels of service you should expect.
Investment Housing for Single Parents is Possible
We hope this post has helped you to understand that finding investment housing for single parents is completely possible.
You just need to be on the lookout for a quality property management company, find the right neighborhood, and be sure that this is truly the right time for you to buy.
Spend some time on our website for more insight into the real estate market, and learn how you can be both a single parent and an entrepreneur.