What I wish I knew before I invested in a Rental Property

What I wish I knew before I invested in a Rental Property

The first thing to think about is that investing in real estate can provide financial independence while providing passive income

Here are some key points to consider when thinking about investing in rental property, and for resale on the backside

Schools

Crime

Job Market

Amenities

HOA or Condo Association dues and/or special assessments

# of vacancies in the neighborhood and why?

Recent rent comparables

Condition of the property, do a professional inspection

Single Family VS Condo (typically, more expensive/nicer homes have less turnover and costs that lower end areas

Appreciation

Cash Flow- don't overpay for the property

Maintenance- Allocate at least 2% annually for repairs

The following are a few of the items with regard to the property management, one of the most important factors of you purchasing your investment property:

Leasing

Marketing

Screening Tenants

Experience

Don't go crazy on the rehab costs

Make sure to Factor in the Mortgage, Taxes, Insurance, HOA fees and maintenance to get the real cost annually.

Most importantly A good Professional Property Manager is worth their weight in Gold

Im Kim Meredith Hampton, and thanks for listening