We read this interesting piece of writing from Fit Small Business and thought that it’d be great to share here. It’s called 30 Tips for Buying Your First Rental Property From the Pros.
It’s got some really enlightening tips from real estate experts that’s been there and done that. Here’s one of them from Richard Haynes of Manhattan Pacific Realty:
First-time rental property buyers should only buy a property that cash flows. The best way to limit your risk and increase your odds of success is to make sure you are putting enough money down to be cash flow positive. There will be unexpected expenses so leave a margin for error. It also enables you to weather tough economic times. If the property cash flows, the fluctuations of the market are less relevant, and you can hold it for the long term.
Give the article a thorough read for other interesting tips like these…