Having been in the real estate business since 1985 you learn a lot of what and what not to do. Having all the knowledge of 33 years buying and managing my income real estate there are some do's and don'ts.
The first and foremost is getting your financing ready to go and how much you want plan to spend. I personally do that myself and it really helps target the real estate you might want to by. There are banks, and private loans that can get you to your destination.
The key is getting a property that will actually create income and also grow in equity. There are some properties that are great income earners on paper, but after you purchase you see high tenant turnover and no equity growth. That means you may loose money on that home.
Equity growth is important even if you do not plan to sale the property. Equity growth can create profit and money that you can tap into to get more properties. If your property has no equity then you cannot do that. You may also have a change in life plans and you need to sale the property. Having equity can make you money then also.
I had a client that purchased a home a few years back for income. As we where rehabbing it he decided that he wanted to sale the property. So we did and he made some really good money on that sale. My client had options and he didn't have to loose money changing their mind on a property that had no equity.
Getting a check on a consistent bases is what income property is all about, and getting the best real estate for that demands a professional. My clients have received their income on properties I purchased for them for the last 23 months and that makes it fun for them and creates an easier life.
Looking at buying income real estate, make sure you get a property that does that. I'm Brett call me at 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona
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Thank you