Are you ready to buy an investment property in Belknap County? Here are 3 things you need to know before you buy a Lakes Region rental property.
First, do your homework
If you skip this step, you might end up with a property in an area where there’s not much interest or room for growth. You’ve got to get the lowdown on things like property values, rental rates, how many places are sitting empty, and what’s going on in the neighborhood. It’s seriously key!
Second, consider the cost
Don’t just look at the buying price. Remember, there’s more to it – closing costs, taxes, insurance, maintenance, and potential fixes. Missing these can mess up your finances. Having a backup plan for surprises and a clear budget to ensure positive cash flow is crucial. Even if a property gains value, if it’s bleeding money, it’s a problem. Keep an eye on those numbers!
Third, create a long-term strategy
Having a plan for selling or refinancing is a must. It’s your safety net so you want to make sure it’s secure. Relying on data keeps away the drama and allows you to make smart choices.
If you have all 3 of these things in place and you’re ready to start looking for an investment home, I can help! Let me know what area you are looking in and I’ll send you the newest listings.
If you want more information about the buying process, fill out the form below for my free Buyer’s Success Guide.
