Buying Your First Investment Property 8 Things You Need to Know
Buying your first investment property can be daunting. However it makes a great investment.
Real estate investing can generate a good cash flow, a cushion of equity, and generational wealth. Here are eight things I wish I knew when I invested in my first rental property.
Find a property that meets your long-term goals. Your profit margins may be less in areas with safe neighborhoods and good schools. But it may be less risky.
1. How to pick a property
Check out your local credit union for some affordable options. Some lenders specialize in higher risk loans for properties needing renovations.
2. How to get a loan?
There are many pros and cons to property managers. Having systems in place to track your expenses, marketing, and maintenance will be key to a successful investment.
3. Do you need a property manager?
Real estate investors will need to file a tax return. Some of the language is complicated. It's best to check with an accountant to make sure you're covered.
4. Do you need an accountant?
One of the best things I can tell you is to track your income and expenses. This can be one of the most stressful aspects of real estate investing. Keep an accurate ledger to save you time, money, and stress later.
5. Don't forget to track expenses
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