Have you ever thought about buying an investment property? Investing in real estate is one of the best ways to build generational wealth, but as with most major investments, getting started can certainly be daunting in the beginning. Before purchasing your first investment property, here are a few things to consider:
-Financial situation. Are you financially stable, and can you afford the upfront costs of an investment property?
-Investment goals. Have you discussed your plans with a financial advisor? As with any investment, investing in real estate does carry some risk.
-Time commitment. Do you have the time to manage your property? Being a landlord can be time-consuming, so be sure you can dedicate the time to managing your property (or can hire someone who will).
-Pre-approval. As with any property purchase, you’ll need to go through the pre-qualification and pre-approval process with a reputable lender.
If you’re considering purchasing your first investment property, give us a call and we can discuss some options!