Buying your first investment property can be a bit intimidating at first. There are many things to consider and several options to choose from. You do not want to make a mistake that will cost a lot of money. Instead, get educated and prepare yourself for the road ahead!
Here are some tips to help you along the process of getting your foot in the door in investment properties.
Location:
You have heard it once, you have probably heard it many times, location is so important to any and all real estate searches. Where you decide to buy will dictate many things such as who you will rent to, what kind of issues could arise with the property, etc. So take your time scouting out potential locations for your potential properties.
Property Type:
You may want to look into duplex properties or small single family homes, whatever your desired property type, consider your reasoning. What are advantages or disadvantages of certain property types and why might one work better for you than another.
Budget/Taxes and Fees:
Budget is a very important factor when buying any property. Depending on what type of property you chose and the location, your taxes and fees will vary, but it is an important aspect to consider. When in relation to your budget you should keep in mind the potential taxes and fees that may put you over budget.
Property Management:
When it comes to the things like tenants or maintenance, you should decide whether the work is worth your time to do it yourself or if you should seek assistance from a property management company. These companies will normally screen tenants and take care rent collection as well as other issues like maintenance. This will take extra burden off of you and they can help guide you through the process as a new property investor.
Several things go into deciding where to invest and how. It is important to know what you want and have the money to pay for it. To make it that much easier on yourself, find a good property manager to help you!
If you would like some advice or if you have any specific questions surrounding property investment, do not hesitate to ask us. We know how tricky property investment can be and we are always here to help. We want to see you succeed.
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