5 Tips for Buying a Rental Property

Posted by Linda Outhwaite on Friday, November 16th, 2018 at 9:04am.

Consider these tips before diving head first into the investment property market:

  1.       Determine what you can afford to buy, you’ll need a minimum down payment of 20 percent for a small rental property.
  2.       Do some research on the areas your considering and find out what the going rents are.
  3.       Just like your home, a rental property is a valuable asset.  Ensure you choose the proper insurance to help protect you from the financial impact of any unforeseen events.
  4.       Consider a property manager.  While this will cut into the cost of your rental revenue, it could help to minimize your stress level
  5.       Good tenants are hard to find.  Property managers will screen potential tenants for you, but as a landlord, you’ll need to know what your rights are. 

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