looking for new rental property
Hello, my name is Val.
I am a homeowner of 5 yrs. I am looking into buying a rental property now.
Just starting out. any tips or suggestions? loans, things I should look for, programs that can help?
Thanks!
Most Popular Reply
Tips!
-Buy preferably in a B and above location. Or a C+ location with potential to be a B location.
-screen tenants - if landlording. If using a pm give them a strict guide to abide by when screening tenants.
-Make sure the math works in regards to cash flow (perfect this by practicing daily) BP has numerous calculators in the TOOLS section
- Get great systems in place - contracters, cpa, lawyers, real estate agent, accountants , rental documents prior to closing a deal etc
- When taking a loan consider using leverage i.e. fha loan (3.5%), if youre a veteran (0%) percent down - make sure to include the associated PMI (mortgage insurance) in your calculations for cashflow that i spoke of in tip #3.
Im a newbie myself and i am currently in my first contract for a MFH. These are all things I made sure I did. Hope this helps.
#cheers