Top 10 Features of a Profitable Rental Property
Looking to purchase a rental property? These are the factors that should be considered for income-producing real state
From the first decision to invest in real estate to actually
buying your first rental property, there is a lot of work to be done.
This task may be daunting for the first-time investor. Owning property
is a tough business and the field is peppered with land mines that can
obliterate your returns. Here we'll take a look at the top 10 things you
should consider when shopping for an income property.
Your investing range will be limited by whether you intend to actively manage the property (be a landlord) or hire someone else to manage it. If you intend to actively manage, you should not get a property that's too far away from where you live. If you are going to get a property management company to look after it for you, your proximity to the property will be less of an issue.
Starting Your Search
Although you may want a real estate agent to help you complete the purchase of a rental property, you should start searching for your investment on your own. Having an agent can bring unnecessary pressure to buy before you have found a property that suits you. The most important thing is to take an unbiased approach to all the properties and neighborhoods within your investing range.Your investing range will be limited by whether you intend to actively manage the property (be a landlord) or hire someone else to manage it. If you intend to actively manage, you should not get a property that's too far away from where you live. If you are going to get a property management company to look after it for you, your proximity to the property will be less of an issue.
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