First investment property questions

[Anson Fauchier]

Hello everyone,

I'm currently exploring the housing market in search of my first personal home, which I intend to rent out in the near future after putting in some sweat equity. As of now, I have saved up enough money for a down payment on a fha loan, and my income is expected to meet the loan qualification criteria soon (with my parent co-signing due to my limited income history).

Given my current situation, what are some important factors I should keep in mind? Any advice or insights would be greatly appreciated. Thank you! 😊

[Kiernan LaFaver]

If you intend to rent the property out after you live there for some time (fha is a year I believe), I’d focus on items that are going to attract the biggest pool of renters when doing repairs. Items like kitchens, bathrooms, convenient laundry, nice flooring are most likely to catch the eyes of renters and can justify market or slightly higher than market rent. Also need to look into the purchase price, renovation budget, and then potential rents per month. Does the rent make the investment worth it? Happy to be a resource if needed!