What are the basics, you ask? Well, first of all, make sure you can afford to take on a second home. Granted, you will have a renter, but not right away and there will be plenty of upfront expenses to budget for, including inspections and closing costs. Next, don’t overspend. Make sure you are buying a property that will rent for more per month than you will be putting out. This means taking into account monthly mortgage and escrow buy tadalafil 10mg costs, as well as management fees and maintenance. Southern Residential Leasing is always happy to provide you with a consult on what income a property can expect to generate.
One more thing to consider is your long-term plan and the condition of the home. There is a difference between investing in a rental and investing in a property flip. Expect to hold on to your rental for awhile. That means taking into consideration the rental’s condition, such as will it need electrical work to be to code or will it need a roof in a few years.
For more investment tips, contact the property management team at Southern Residential Leasing today!