Buying a rental property can be a great investment and a fun project that can be enjoyed long term. Here are a few things to keep in mind about getting into rental investment purchasing.
- Have a goal and work towards it with a team of professionals. Owning an investment property requires smart planning.
- Find a great property. Use a knowledgeable rental agent who knows your area’s rental market and can help guide you in selecting the perfect investment for your goals.
- Figure out your return on investment. Make sure the numbers make sense and that you have room for repairs and maintenance.
- Get an inspection. If you are planning to renovate, know your options and possibly bring a contractor with you to help with estimating repairs.
- Find a great property management team. Managing a rental can be time-consuming and stressful, choose a team that has experience and who can help you provide a great professional experience for your renters
