Advice on how to buy first rental property

4 Replies

Hi all!

I am looking for some advice on how to get my first rental property. I am still living at home to save for the property but I want to get a property here in my hometown before I move to an apartment in the bigger city that my full time job is in. currently working from home.

I want to buy my first property as owner occupied because of the lower down payment and interest rate for a first time buyer, but my full time job is in another city and I will definitely be moving by the end of the year.

Any advice or how I should go about this?

Before you do anything I would ask my self do I want to be long distance landlord? Operating rental property is a business and it's not easier managing property from a great distance. My advice? Research the market you're moving to and consider buying there. You'll have a better chance of success. Maybe it's less cash-flow but still less headaches a long the way. 

No matter the location you choose market research, understanding the numbers, and building a team is #1 before making offers.