We may see that change in 2024 as rates are having an effect on demand, but not as much as I'd like to see.

The long term rental will probably have the best interest rate and highest cash out amount if you are looking to do so.

Not shockingly, this happened when interest rates hiked up.

I was able to secure an introductory HELOC rate of 2.99% for the first 12 months in Jan 2023. 

What rate is passive income taxed at?

Research comparable properties in the area to gauge pricing, rental rates, vacancy rates, and demand.Property Insurance: Obtain quotes for property insurance to understand the potential costs and coverage options.Survey: Consider getting a property survey to confirm boundaries, easements, and encroachments.Due Diligence Contingencies: Include due diligence contingencies in your purchase agreement to allow time for inspections, assessments, and resolution of any issues uncovered during the process.Risk Assessment: Identify and assess potential risks associated with the property, such as market volatility, tenant turnover, maintenance costs, or regulatory changes.Exit Strategy: Develop a contingency plan or exit strategy in case the investment doesn't meet your expectations or unforeseen circumstances arise.By thoroughly conducting due diligence, you can minimize risks and make an informed decision about purchasing the property.

Hey everyone! I recently purchased my first property which happened to be a commercial property that has, among other things, a 2 bay automotive repair shop/inspection station. The current tenant has been there for ma...

Charge the tenants a higher rent rate and include utilities with their rent.

They were great, helped us get our security deposits transferred and all of our back rent.

We are planning to transfer it to a land trust, yes.