It may be common knowledge that buying rental property can be one of the fastest and secure ways of building up serious wealth- but the ‘how to’ knowledge is not so common. The process or steps to buying rental properties are not so different from that of buying your own home, just a few differences. Nowadays, the legal rights of tenants have been made quite explicit, so as a landlord, you must also know your rights. But, first of all, you need to invest in the right type of home.
Step One- Do your homework before going in for the dotted line.
As soon as you have decided to buy property for rent, don’t think of the décor or paint, there are other important factors which you have to consider.
What kind of investment you want to buy?
How much can you afford to spend?
What kind of a neighborhood would you like to invest in?
What is the average rent in your area?
What kind of return on investment you want to make?
Doing your homework right is important. [Read more…]