8 Things You Need to Know Before Buying Your 1st Rental Property
However, getting started in real estate investing can be a great way to move forward in your path to financial freedom.
Buying your first investment property can seem daunting.
Real estate investing can provide its owners with anything between a little extra cash flow, or a safety cushion of equity.
But, of course, it all depends on your goals, how you structure them, and what you put into them.
There are a few things I wish I knew when I invested in my first rental property.
Real estate investing is not for everyone, and there are some pros and cons to investing in real estate.
Single-family vs. Multi-family
When deciding on your investment strategy for your first property, you will have to choose between buying a single-family or a multi-family building.
One advantage of investing in a single-family property is multiple exit strategies. You can sell it to another investor rent-ready.
Multi-family apartments typically get built from the ground up. That makes them great to operate as rental properties.
How To Pick A Property
It is crucial to figure out your preferred investing model, define what property fits this model, and find a property that fits these criteria.
A few common strategies are:
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8 Things You Need to Know Before Buying Your 1st Rental Property Story