Updated over 8 years ago on . Most recent reply
Buying rental property
Hello,
My goal is to purchase a new rental property by December 2017, I will start the searching and working with a mortgage company starting September 2017. Apart from saving for the down payment, is there anything else you recommend i should me doing between now till September? Thank you.
Most Popular Reply
You should be working with a mortgage company now, even if only to find one you want to work with and who will work with you on the kind of deal you have in mind. Why the long timeframe before you start seriously looking? I recommend you start looking now, even if only to build your familiarity with the area you are interested in. Don't just look, start analyzing deals now. Build your ability to spot a good deal quickly, and to estimate repair costs, so that you can make a decision quickly if the right deal pops up. Finally, now is the time to begin looking for the right real estate agent. Interview them. If you are thinking about a HUD home, make sure they know that process. Do they work with investors? That helps. Are they a good source of info for off-market properties? Also a bonus. And finally, do some reading about landlording, tenant laws in your area, etc. Lots of good info here on BP, but there are also some very useful books out there which are well worth what you will pay for them. Most can be had for a couple of bucks used. Good Luck!