If you’ve been thinking about buying an investment property, there are three things you need to figure out before taking the plunge. Here’s what you should consider:

1. Location: Think about the area’s popularity and what kinds of stores, restaurants, jobs, and other amenities are nearby. You don’t want to invest in a place that’s too far away from everything. Choosing an in-demand location also helps you have a good exit strategy for maximizing your sales price if you decide to sell.

“You have to have money saved up before you start investing, especially when you’re first starting out.”

2. Money: You have to have money saved up before you start investing, especially when you’re first starting out. Lenders typically require 25% to 30% down, and you’ll have to pay all the closing costs as well. Further, you’ll need money set aside for repairs, taxes, insurance, and vacancies.

3. Time: Finding an investment property can feel like a full-time job. You have to search, look for deals, find the perfect location, inspect properties, and figure out what upgrades you may need to make. 

If you have any questions about finding and purchasing investment properties or would like more information, feel free to reach out to me. I look forward to hearing from you soon.