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Things To Consider Before Buying Rental Property

Forclosures and short sales

For anyone looking to develop multiple streams of income and build wealth, rental property can be a great addition to an investment portfolio. While it might not always be 100% passive,  real estate  is a great investment if you buy at the right time and are aware of potential issues that can and will happen. Here are some things to consider before buying rental property. Vacancies In a perfect world, there would be a waiting list for every rental property, but realistically, there will be periods of vacancy. Ways to avoid this include buying in a high demand area and making sure your rental price is appropriate for the type of property and location. Another thing to consider is that something major could happen to your property that might make it uninhabitable, like a natural disaster or damage from a bad tenant. It’s always a good idea to make sure mortgage payments are within what you can afford to cover without causing monthly finances to go into the negative. Repairs All property needs repair from time to time. While many landlords try to schedule maintenance between tenants, sometimes emergency repairs happen. In my opinion, a landlord should always keep an emergency fund ...

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