Investment Property

投资性房地产

By James Chen

Updated Jun 21, 2019

作者：James Chen

更新时间：2019年6月21日

What Is an Investment Property? 

什么是投资性房地产？

An investment property is real estate property purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both. The property may be held by an individual investor, a group of investors, or a corporation. 

投资性房地产指以通过赚取租金或未来出售此房地产或两者兼有而实现投资收益为目的而购买的房地产。房地产可由个人投资者、一批投资者或公司持有。

An investment property can be a long-term endeavor or a short-term investment. With the latter, investors will often engage in flipping, where real estate is bought, remodeled or renovated, and sold at a profit within a short time frame. 

投资性房地产可以作为长期投资或短期投资。如为短期投资，投资者常常会进行旧房翻新，即买入房地产，进行改建、翻新，并在短时间内获利卖出。

The term investment property may also be used to describe other assets an investor purchases for the sake of future appreciation such as art, securities, land, or other collectibles. 

投资性房地产一词也可用于描述投资者为获得增值收益而购买的其他资产，如艺术品、证券、土地或其他收藏品。

Understanding Investment Properties

了解投资性房地产

Investment properties are those that are not used as a primary residence. They generate some form of income—dividends, interest, rents, or even royalties—that fall outside the scope of the property owner's regular line of business. And the way in which an investment property is used has a significant impact on its value. 

投资性房地产指那些不作为主要住所的房地产。它们会产生某种形式的收益-股息、利息、租金甚至包括特许权使用费--这些收入并不属于房产所有者正常业务范围产生的收入。投资性房地产的使用方式对其价值有重要的影响。

Important: Investment properties generate income and are not primary residences.

重点：投资性房地产会产生收益且并非主要住所。

Investors sometimes conduct studies to determine the best, and most profitable, use of a property. This is often referred to as the property's highest and best use. For example, if an investment property is zoned for both commercial and residential use, the investor weighs the pros and cons of both until he ascertains which has the highest potential rate of return. He then utilizes the property in that manner. 

投资者有时会研究决定某一房产的最佳且利润最大的使用方式，这一方式通常被称为房地产的最大最佳用途。比如，如果某一投资性房地产被划为商业的住宅用途，那么投资者应衡量两者的利与弊，直至其确定哪项用途的潜在收益率更高，然后将房地产用于该等用途。

An investment property is often referred to as a second home. But the two don't necessarily mean the same thing. For instance, a family may purchase a cottage or other vacation property to use themselves, or someone with a primary home in the city may purchase a second property in the country as a retreat for weekends. In these cases, the second property is for personal use—not as an income property. 

投资性房地产通常被称为第二住所，但是这两者并非指的同一样东西。比如说，一个家庭可能会购买别墅或其他度假房产自用，或在某一城市拥有主要住房的人可在该国购买第二套房产，作为周末的度假住宅。在这些情况下，第二套房仅供自用，并非收益性房地产。

Types of Investment Properties 

投资性房地产的类型

Residential: Rental homes are a popular way for investors to supplement their income. An investor who purchases a residential property and rents it out to tenants can collect monthly rents. These can be single-family homes, condominiums, apartments, townhomes, or other types of residential structures. 

住宅：房屋出租是投资者增加收入的一种普遍方式。购买住宅房地产并将其出租给租户的投资者可以每月收取租金。这一类型的住宅可以是单户型住房、公寓、联排别墅或其他类型的住宅。

Commercial: Income-generating properties don't always have to be residential. Some investors—especially corporations—purchase commercial properties that are used specifically for business purposes. Maintenance and improvements to these properties can be higher, but these costs can be offset by bigger returns. That's because these leases for these properties often command higher rents. These buildings may be commercially-owned apartment buildings or retail store locations. 

商业：并非只有住宅才能产生收益。一些投资者（特别是公司）会购买专门用于商业目的的商业性房地产。这些房地产的维护和修缮成本可能会很高，但是这些花费都可以被更大的收益所补偿。这是因为这些房产的租金一般会更高。这一类型的建筑物可以是商用的公寓楼或零售商店。

Mixed-Use: A mixed-use property can be used simultaneously for both commercial and residential purposes. For instance, a building may have a retail storefront on the main floor such as a convenience store, bar, or restaurant, while the upper portion of the structure houses residential units. 

混合用途：混合用途房地产可同时用于商业和住宅目的。比如说，一栋建筑物的主楼层可以拥有一些便利店、酒吧或餐厅之类的零售店面，而其以上的楼层可以用作住宅区。

Key Takeaways

文章要点

An investment property is purchased with the intention of earning a return through rental income, the future resale of the property, or both.

投资性房地产指以通过赚取租金或未来出售此房地产或两者兼有而实现投资收益为目的而购买的房地产。

Properties can represent a short- or long-term investment opportunity. 

房地产代表了一个短期或长期投资的机会。

Investment properties are not primary residences or second homes, which makes it harder for investors to secure financing. 

投资性房地产一般并非主要住所或第二住所，这使得投资者更难获得融资。

Selling an investment property must be reported, and may result in capital gains, which can have tax implications for investors. 

出售投资性房地产的情况必须要予以报告，该等出售可能会产生资本收益，从而对投资者产生税务影响。

Financing Investment Properties 

投资性房地产融资

While borrowers who secure a loan for their primary residence have access to an array of financing options including FHA loans, VA loans, and conventional loans, it can be more challenging to procure financing for an investment property. 

为其主要住所寻求贷款的借款人有很多融资渠道，如联邦住房管理局贷款、VA贷款和常规贷款，而想要就投资性房地产获得融资，难度要更大。

Insurers do not provide mortgage insurance for investment properties, and as a result, borrowers need to have at least 20% down to secure bank financing for investment properties.  

保险公司并不为投资性房产提供抵押贷款保险，因此，借款人需要至少降价20%才能就投资性房地产获得银行融资。

Banks also insist on good credit scores and relatively low loan-to-value ratios before approving a borrower for an investment property mortgage. Some lenders also require the borrower to have ample savings to cover at least six months' worth of expenses on the investment property, thereby ensuring the mortgage and other obligations will be kept up to date. 

银行在批准借款人用投资性房地产进行抵押贷款之前，也会要求借款人拥有良好的信用评分及较低的贷款与价值比率。一些贷款人还会要求借款人有足以支付至少六个月的投资性房地产费用的存款，从而确保抵押贷款和其他义务能够及时得到履行。

Tax Implications 

税务影响

If an investor collects rent from an investment property, the Internal Revenue Service (IRS) requires him to report the rent as income, but the agency also allows him to subtract relevant expenses from this amount. For example, if a landlord collects $100,000 in rent over the course of a year but pays $20,000 in repairs, lawn maintenance, and related expenses, he reports the difference of $80,000 as self-employment income. 

如若某一投资者从投资性房地产中收取租金，则美国国税局（IRS）会要求他将租金报告为收入，但国税局也允许他从租金中扣除相关费用支出。比如说，如若某一房东每年收取租金10万美元，但需支付2万美元的维修、草坪维护和相关费用，则他仅需将剩下的8万美元报告为自雇收入。

If an individual sells an investment property for more than the original purchase price, he has a capital gain, which must be reported to the IRS. As of 2019, capital gains on assets that are held for at least one year are considered long-term gains and taxed at 15%, except for those who are married and have taxable income exceeding $479,000 or single and have income exceeding $425,800. In these cases, the rate is 20%. 

如若某一个人出售其投资性房地产的价格高于原始购入价格，则就产生了资本收益，资本收益必须要向国税局报告。自2019年起，持有一年以上的资产的资本收益被视为长期收益，按15%的税率纳税，但已婚且应纳税收入超过479,000美元或单身且应纳税收入超过425,800美元的人除外。在此情况下，税率为20%。

In contrast, if a taxpayer sells his primary residence, he only has to report capital gains in excess of $250,000 if he files individually and $500,000 if he is married and filing jointly. The capital gain on an investment property is its selling price minus its purchase price minus any major improvements. 

相比之下，如若某一纳税人售出其主要住所，则他仅报告资本收益中超过25万美元（个人申报）或50万美元（已婚，联合申报）的部分。投资性房地产的资本收益为其售出价减去购入价减去任何重大的修缮费用。

To illustrate, imagine an investor buys a property for $100,000 and spends $20,000 installing new plumbing. A few years later, he sells the property for $200,000. After subtracting his initial investment and capital repairs, his gain is $80,000. 

举例来说，假如某一投资者以10万美元的价格购入一处房产，并花费2万美元安装了新的管道。几年之后，他以20万美元的价格出售了此房产，那么扣除其初始投资及资本维修费用后，其收益为8万美元。