Couple tips for first-time income property investors

Posted : December 15th, 2015 by Eli Ashby

The first step to take to make a successful investment in real estate for the first time is to find a good beginner property. This may seem a bit common sense, but there are many factors that go into finding a property that can help give you the greatest return for your money. If you focus on three key elements you will have a better chance at success as a first time income property buyer. The first is to always look into the location of your potential property or properties. Location alone can sometimes be the most important component to a buyer. If the location of the property is inconvenient, not in a desired area, or if the property for sale is the best in the area, you may want to consider passing. You want the neighborhood you choose to raise the value of your property, not have your property raise the value of the neighborhood. The second element to making your first purchase a successful investment plays into the location of the property. Remember you are buying the block, not the house. The other houses on the street will play into the price of your property. The surrounding properties will hinder or help the value of yours. Always look around the other properties and decide if they will hurt you when you have to resell or rent. Third, don’t settle for the first for sale sign you find. As the buyer, you are never stuck with one choice. Make sure you look into all your options and select the one that best suites your budget and end goals.

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