4 Tips for Buying and Managing Rental Properties
Category : Hard Money Loans
1: Stay nearby
Never purchase financing properties out of your local area. Even the most knowledgeable real estate investors have experienced issues when investing outside of their safe places or local areas
2: When you purchase, don’t pay more
If you are paying the current market price, then you are probably paying too much. When you purchase below market, you are free to decide if you want to hold, flip, or wholesale.
3: Set aside rental installment capitals
As you must expect vacancies, preferably you should have three to six months of rental payment reserves. On the off chance that you need to dip into your reserves, renew them!
4: Set aside a slush reserve for repairs.
Since you will dependably have repairs, set aside five to seven percent of your gross month rents into your repair store.
The list is infinite, so do your homework before settling on the choice to purchase your first rental property.