So you have decided to invest your hard earned money into real estate – smart move! Thousands of people are doing it and it is working! Buying a property and renting it out can take work but it can also have many benefits. Before you start investing your money there are a few things that you should know.
What are you looking for?
Every single house is not a good investment. In fact, many properties could actually lose you money. Find out approximate mortgage payment amounts and comparable rents in the same area before you make your final decision on any property.
Is it a Good Deal?
Unfortunately, the perfect property to invest in will not fall into your lap. Find out what type of property you are looking for and start doing your research. Once you know what type of property you are looking for as well as the price, you are now able to start your search!
Can A Realtor Help?
Being in touch with a realtor that knows what you are looking for can also help! The realtor will know exactly what you are looking for and can forward you over any properties in these criteria.
Are they a Good Tenant?
What is the point in renting out the home if the tenants increase your amount of grey hair? Your goal is to make money, so make sure that your tenants are trustworthy. Call their references and make sure that everything is in writing. A little bit of extra work here can save you a lot of time in the future!
Can it Save Me Money in Other Ways?
Did you know that your cash flow should be tax-free? That’s right! Rarely will an investor pay taxes on this! On top of that, owning property is a tax deduction. This can help you when filing taxes once a year against your other income.
The average cash return per year is 19%. If the investment is done well, this 19% will be a lot easier than your daily 9-5 job. Let us know what you think by leaving a comment!
Author:Kris Morin Phone: 860-982-0187 Dated: March 12th 2015 Views: 487 About Kris: ...
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