Choosing the right investment property isn’t rocket science but it isn’t a simple equation, either. Approaching it with thoughtful consideration and enlisting the expertise of a real estate professional can help you find the right first property for you.
Know your goals. Are you looking for a long-term or short-term investment? How do you want to make money from this investment? Are you looking for ongoing income, long-term investment, or do you want to renovate a property and flip it for a profit?
Know your abilities. How much money do you have to invest and how will you fund ongoing costs, such as condominium maintenance fees and property taxes? Investment financing requires a larger down payment of 30 to 35% down. Today’s financing is means that your buying power is greater than it was just a few years ago.
Find an expert you can trust. A real estate agent who specializes in investment properties and knows your goals can help you work out your financial equations and guide you to the right property.