Buying Investment Properties – Expert Gives Advice On Buying Rental Property

Have you thought about buying rental property in the Griffin area? There are lots of reasons that right now is a good time to buy rental property. For one things home prices are at an all time low. I have been in the rental business for over 30 years and I have never seen it quite like this. Let me give you some ideas for things you should look out for when buying rental property.Consider the location. In the real estate business they say there are three things important to the value of a home: “location, location and location.” If you want to make sure that you profit from your real estate deal analyze the location of the property. You can use the Google real estate tool (just search for it on Google) to find the homes that have recently sold nearby. Take a look at their values to see if you are getting a good deal or not.Never fall in love with a house. If you have ever been in love you will know it makes you do crazy, illogical things. You don’t want that same experience with your investment property purchase. You can like a house, and be fond of a great deal, but never get emotionally attached to an investment property. Figure out how much you are willing to pay by analyzing the recent sales, researching the rental market, and by deducting any repairs that will need to be made. Then don’t go a penny over that amount. Even if you think the property is a great deal stick to your logical deduction of the property’s value.Have a professional inspect the home. If you are not a professional plumber, electrician, carpenter, and architect all rolled into one I suggest you hire the expertise of someone who knows how to spot problems. I have seen many people skip this step and buy a home only to find out later that the home had major electrical or plumbing problems that cost them thousands in additional funds that they never budgeted for. Not using a professional inspector is the mistake of an amateur.Buying rental and investment property can be a tricky road. Follow the steps above to get started moving towards being a professional in the business who makes a nice income. For the last 30 years I have made my income with rental property and helping others to find the right investments. You can do this as well, it just takes a little effort on your part. There are no free lunches, but rental property can provide you with a nice recurring income that will take you into your retirement years with ease.
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