While buying an investment property has it profitable benefits, there are many details that a first time buyer may not realize. A checklist I share with my clients who are purchasing investment properties for the first time, includes the following:
- Pre-approval is still required before purchasing an investment property
- Understand the amount of time and cost for maintenance and upgrades involved
- Become familiar with the laws around renting properties, including landlord and tenant rights
- Know what’s involved in leasing and or renting out the property
- Doing a thorough inspection on the property before purchasing it
If you are uncertain about the demographics, the ideal location, nearby schools and amenities, I am here to work with you on these details as well in order to help you find your perfect investment property.