Are you looking to invest in Joplin, MO real estate?
Real estate investments are one of several ways to generate additional income. You get steady monthly returns from the rent and gain stability as the property appreciates in the future.
Though real estate can be profitable, the markets can differ. This is where solid research comes into play. Your goal is to seek an area that can offer positive factors such as a steady economy, top quality of life, strong job market and multiple local attractions. You also need to check for a high rental demand in the area.
Joplin is a wonderful pick for rental investment since it comprises these factors. Joplin real estate can perform well if you’re a real estate investor seeking for lucrative returns.
In this article by the team of experience property managers at Pro X Property Management LLC, we’ll review the best reasons for choosing to purchase an investment property in Joplin, MO. You’ll be familiar with the elements that make Joplin, MO a superior choice for a real estate investment above other areas.
Why Invest in Joplin, MO Rental Properties
1. Strong Local Economy
Joplin contributes to a steady economy and has been named as one of the best places for careers and businesses under the Forbes list. The growing number of entrepreneurs can be attributed to its conducive business environment. Top employers in the city are Freeman Health System, Walmart, Joplin School District, Mercy Hospital Joplin and CIty of Joplin.
The stable economy of Joplin makes it reassuring for real estate investors to put up their property investment capital.
2. Tourism is Booming
Joplin draws plenty of tourists contributing to the stability of its local economy. It offers historic buildings and architecture included in the National Register promoting its history further. As one of the states included in the famous Route 66, tourists can explore the multiple sights and experiences here.
Other top-notch tourism hotspots in Joplin are the following:
- Joplin Museum Complex
- Route 66 Mural Park
- Murphysburg Historic District
- Red Oak II
- National Cookie Cutter Historical Museum
- Cunningham Park
- Grand Falls
Real estate investors can take advantage of these tourism draws and create short term rentals. People need rental places to stay in during their holidays when a day trip is too short to explore a place.
3. Population Growth
Joplin’s population growth has been growing steadily through the years. This spells good news to real estate investors. It means the rental demand could only rise in response. A greater population also indicates more employment resources for businesses further enhancing the growth of the local economy.
4. Affordable Real Estate
Compared to other locations, real estate in Joplin remains affordable. Mid-priced properties have a median home price of $130, 463. The home values have also risen as much as 7.4% compared to the other year. Affordable property prices make it easy for new real estate investors to dip their toes in the property investment industry. Thus, one doesn’t have to shell out too much to begin their financial goals of growing their personal wealth. Check out some of the best neighborhoods Joplin has to offer!
5. Landlord-Friendly Laws
The rental laws in Missouri tend to be favorable to landlords. This means landlords have fewer restrictions compared to other states. You’ll be dealing with less pressure as well.
Here are some of the landlord-tenant laws covered in Missouri:
- If a tenant hands over a security deposit, there’s no need for a written notice of receipt to be made by the landlord.
- Landlords don’t have to pay interest to the renters when storing the security deposit in an account.
- For rent collection, there is also no required rent grace period so any landlord that wants to begin the eviction process right away can do so.
- Landlords can ask the tenant to pay the late fees, and this should be present on the lease agreement.
- In Missouri, landlords are also given free reign when it comes to pet laws so policy creation remains under the landlord’s control.
- Landlords are not required to have a rental license in Missouri, giving new landlords a low barrier to entry. Thus, property owners need not register their properties as rentals. However, you can review municipal laws to remain updated with any changes.
For additional information about Missouri’s landlord-tenant laws, be sure to check out our article here.
6. Good Local Education
Joplin has among the top-ranking schools in Missouri. Among the best are Stapleton Elementary School, Kelsey Norman Elementary School and Eastmorland Elementary School. If your chosen demographic are families, then Joplin is a logical choice. Access to good education is always listed as a top priority for families.
7. Plenty of Local Attractions
Since Joplin is a tourist magnet, short term rental demand will be predictably high. Luckily Joplin does not disappoint by offering a variety of attractions for visitors.
Here are a few places you can explore while in Joplin:
- Downtown Joplin
- George Washington Carver National Monument
- Joplin History and Mineral Museum
- Route 66 Drive-in
- Shoal Creek Conservation Education Center
The Bottom Line: Why Buy Joplin Real Estate
Joplin offers a good quality of life for its residents and a great opportunity for real estate investors. It’s built on a strong local economy, booming tourism, rising population growth, affordable real estate, landlord-friendly laws, good local education and plenty of local attractions.
If you’re a new real estate investor, you can choose to hire professionals to help you avoid costly errors. Choosing a real estate property to invest in can be a massive decision and it pays to heed sound advice from experienced consultants. Contact our team now!