10 Tips to Consider Before Buying Your First Investment Property

[Joseph Scorese]

10 Tips to Consider Before Buying Your First Investment Property

Taking the initial plunge into investing can be a nerve-racking move. What should you buy? Who can you trust? And most harrowing of all: What if you end up losing money?

1. Are You Ready to Invest?

2. Do You Have a Plan?

3. What Kind of Property Should You Start With?

4. What is the Neighborhood Like?

5. What are the Local Vacancy Rates?

6. Do You Know All Your Investment Expenses?

7. How Will You Finance Your Property?

8. Should You Self-Manage or Hire a Professional Manager?

9. Can You Be Your Own Bookkeeper?

10. Do You Have an Exit Strategy?

Always keep in mind that your investment property is used for one thing; making you money.

Your property is not only an investment unit, its’ part of your business. Always conduct your business wisely and with strong business ethics. You will make all the necessary repairs for your tenant to live safely and comfortably in the home. You want your property to be appealing to renters, but you don’t have to go overboard. While it’s important to add your personal touch, you must also make smart financial decisions in order for your business to survive.