This year has been full of economic ups-and-downs. Many of us are finding ourselves feeling anxious about our investments, even as the real estate market proves itself to be as strong as ever in the midst of it all. However, when we look at the real estate market — and the opportunities it provides for real estate investors — we must be sure to look in the right places. After all, the wide variety of property types and investment strategies are not created equally. For real estate investors, weighing the effectiveness and equity growth in different types of real estate investments is critical.
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With all of the talk about how hot and resilient the real estate market at-large has been despite pandemic fears and uncertainties, real estate investors no doubt have big questions about a more specific area of the industry. While homebuying has been a frenzy for multiple reasons (including but not limited to: record-low interest rates, tight inventory, and increased desire for more space in suburban and rural areas), questions have plagued the rental market from the beginning.
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For any investor wanting to get started in real estate investing, it is a dilemma. For others, it is a clear-cut issue. If you own investment property, you may feel hesitant to allow renters to have pets inside, especially if you have dreams of keeping that property pristine over time. You may also want to direct your property management company to no allow pets in your properties if you have a management company in place. However, you may be surprised to find that there are many benefits to allowing animals, and it can even boost your real estate cash flow. A great article from Karen Aho on MSN Real Estate points out the benefits of renting to tenants with pets while also pointing out that some of the 'best" horror stories are often far from reality. The story also highlights one of the few if only studies conducted on rental properties and pets and it found that units allowing pets experienced a longer occupancy term, 46 months, compared to those that openly prohibited pets, 18 months.