Real estate investment is one of the best ways to build wealth. Of course, it’s important to remember that this doesn’t mean it’s easy. If you dive into buying your first rental property without knowing the ropes, you can end up spending way too much time, energy, and money, only to find yourself in a bad financial situation.
Fortunately, there are resources on the web that can help you avoid common mistakes made by first-time real estate investors. Here are some of the best ones to get you started.
Partner with Nancy Wagner for honest, knowledgeable, and dependable real estate service! Call (509) 521-3786 or fill out this contact form.
Laying the Groundwork
Getting things in order before you make a purchase will help to set you up for success.
- Complete Guide to Becoming a Landlord in 2020
- What Credit Score Do You Need for an Investment Property?
- Is Your Rental Property Considered a Business? Here’s What You Need to Know
- Form an LLC to Limit Financial Risk
Buying the Property
In some ways, purchasing a rental property is similar to purchasing a primary residence. In other ways, it’s an entirely different beast.
- Work with Skilled Realtor Nancy Wagner
- How to Find Rental Properties for Sale
- Location, Location, Location: The Importance of Neighborhood In Rental Properties
- How to Finance an Investment Property
- How to Make an Offer on a House
Managing the Property
If you want long-term success with your rental property, effective management is critical.
- The 10 Most Common Rental Repairs You’ll Encounter
- Tips for Cleaning Your Rental Before Renting
- Hiring a Handyman
- 5 Expert Tips on How to Choose an Excellent Property Manager
- Top 10 Places To List Your Rental Property For Free
As challenging as real estate investment can be, it’s also a great opportunity to build your wealth and gain valuable experience along the way. To start off on solid footing, go through the resources listed here and do further research to broaden your knowledge. Before you know it, you’ll be a successful landlord who might even consider purchasing more properties!
Written by guest writer:
Bret Engle | DiyGuys.net
Nancy is a client first real estate agent in Tri-Cities, WA. If you have any questions on owning homes, living in the Tri-Cities, or purchasing your first home, you can contact her directly at: