5 QUESTIONS EVERY FIRST-TIME RENTAL PROPERTY INVESTOR HAS
WHAT ARE GOOD LOCATIONS FOR INVESTMENT PROPERTIES?
You hear it from both real estate agents and first-time home-buyers that location is one of the most important aspects of purchasing a property.
Pick a desirable area where higher income tenants want to live. Pick an area with top rated schools. Pick an area with low crime.
A newer house may cost more initially and have a higher mortgage, but a older home can eat all your profits up in maintenance costs.
As an out of state Investor, you should account for maintenance and you will need a local Property Manager to take care of your rental homes and tenants.
You hear it from both real estate agents and first-time home-buyers that location is one of the most important aspects of purchasing a property.
Pick a desirable area where higher income tenants want to live. Pick an area with top rated schools. Pick an area with low crime.
A newer house may cost more initially and have a higher mortgage, but a older home can eat all your profits up in maintenance costs.
As an out of state Investor, you should account for maintenance and you will need a local Property Manager to take care of your rental homes and tenants.
WHAT SHOULD I USE TO FUND MY INVESTMENT?
While funding an investment property is a big decision, remember you have a variety of options for funding. Some investors choose to buy properties with cash. You can fund your investments with your retirement savings, including your Individual Retirement Account (IRA).
Another option for first-time investors is to apply for financing from an investment bank. Fannie Mae and Freddie Mac also have investor loans.
While funding an investment property is a big decision, remember you have a variety of options for funding. Some investors choose to buy properties with cash. You can fund your investments with your retirement savings, including your Individual Retirement Account (IRA).
Another option for first-time investors is to apply for financing from an investment bank. Fannie Mae and Freddie Mac also have investor loans.
WHAT KINDS OF PROPERTIES SHOULD I BUY?
Choosing properties in the rental market is different than buying a home for yourself. You have options of single-family, multi-family and commercial properties. Single family homes dominate the rental market, but multifamily properties are also popular.
Choosing properties in the rental market is different than buying a home for yourself. You have options of single-family, multi-family and commercial properties. Single family homes dominate the rental market, but multifamily properties are also popular.
HOW DO I KNOW I CAN TRUST AN INVESTMENT FIRM?
Beware! Obvious red flags are a "get rich quick scheme", especially if they are going to sell you property and disappear. Their only attachment is the "sale". It is much better to get advice from a Property Manager who will be working with you for years. A Property Manager will have an attachment to the property for the long run and will be as invested in your success as you are.
Is your Property Manager knowledgeable about the areas you are looking at and can they answer you questions?
Investment properties are not a get rich quick proposition, rather a long term investment for income and investment growth.
Beware! Obvious red flags are a "get rich quick scheme", especially if they are going to sell you property and disappear. Their only attachment is the "sale". It is much better to get advice from a Property Manager who will be working with you for years. A Property Manager will have an attachment to the property for the long run and will be as invested in your success as you are.
Is your Property Manager knowledgeable about the areas you are looking at and can they answer you questions?
Investment properties are not a get rich quick proposition, rather a long term investment for income and investment growth.