BRB, just going to make money in my sleep from my income property.
But for real, investment properties are a secret weapon when it comes to building wealth and diversifying your investment portfolio.
Here are some things to consider as you start looking for your first investment property.
1. Understand the numbers: You know that properties require more than just a mortgage payment. Make sure you factor in all the costs when you first set your budget including those super fun marketing and ongoing costs.
2. Consider a turnkey home: If it’s your first time, take it easy. You don’t need to pull a Joanna Gaines style flip to have a great investment property. In fact, you’ll be better off finding a ready to rent home so you can learn the ropes without handling a major reno at the same time.
3. Don’t get attached: You might find a place that could be the perfect Airbnb (isn’t that nook by the fireplace just so cute?), but the numbers just don’t work out. Don’t try to force it—this is your money and your financial future, so you want to make sure you make the right choice.
4. Be patient: There’s no need to rush! Slow down and make sure you make the right choice for you and your future. If it’s meant to be, it will be. Relax and enjoy the process. When it comes to investing in real estate for the first time, you need someone who’s experienced by your side. Find a great agent who understands the ins and outs of investment properties so you get the expert guidance you need.
Want to chat more about investment properties in our area? Call me 619-882-0004 or email me at hello@yourrealsandiego.com
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