by Brandon Martens, President of RASE (REALTOR Association of the Sioux Empire)
There are many factors to consider when looking for rental property whether it be multi family or single family. Here are some frequently asked questions….
- How much do I need to put down? That answer depends on many different tangibles from credit scores, equity positions in other property, money down, reserves, and income just to name a few. For a clear picture as to what you will need, contact a mortgage or personal loan professional.
- How do I find the right investment property for me? Contact a Realtor that you trust and that has experience and knowledge on rental property. There are many ways to find the right investment for you and with property no different that any other investments contact a pro.
- Should I have a property inspection completed? In my opinion get an inspection completed by a professional property inspector on the property you are purchasing. It is one of the least expensive property insurances you will ever buy. For a few hundred dollars you can validate the condition of your investment and know whether or not it is truly worth the risk.
- Once I own it how do I rent it? There are many people that think owning a rental means you then have to deal with the tenants and the process of renting a property. I disagree. This is an investment in your future and if you don’t know the first thing about it, hire a professional property manager. They not only know and understand the process they also have tools to help you evaluate the properties working along side the Realtor and lender.
- Taxes? Yes I said it, taxes….. There are two constants: death and taxes. For this part I recommend getting in touch with a CPA. This is an investment that you want to maximize so take it to a professional not a computer program.
The Pros of investment properties are a very important part of owning rental properties. Get ahold of a Pro today to see if now is a good time for you to buy!