Buying your first investment property can seem daunting. However, getting started in real estate investing can be a great way to move forward in your path to financial freedom.
Before investing in a rental property – it is essential to start from sound financial footing. There is a high transaction cost to buying and selling real estate. If you are not in a good financial position, you may be tempted to sell your investment in a year or two.
One advantage of investing in a single-family property is multiple exit strategies. You can sell it to another investor rent-ready or with a tenant in place.
Please do not go out to the world and ask people if they will be on your investing team. Relationships with the people you will work with for investing in real estate should be more organic than this.
When purchasing your first investment property, deciding whether to hire a property manager or self-manage is a significant decision. There are pros and cons for both sides here.