Getting Started Toward That First Renovation Rental Property
Remember to always think before you act and give yourself all the advantages possible at hand. Listed below are a few ways to insure the best potential of success for that first venture.
Find a Bargain Location also known as a bread & butter property: This is an area where there will be steady value increases, above those borderline areas.
Look to increase your positive cash flow. The first plan may be to buy, fix & flip, however buying right in the best area gives you a second option if you decide or have to rent out the property.
Target your market or your buyer. If your plan is for a move-up buyer than that should be your target. It also could be a specific choice like the beach, military base, college town or factory. All of these are great choices to structure your deal around.
Keep on top of your costs. Be careful to keep a strict budget and not let your spending habits get the best of you. Remember profit, and don’t get caught up in the personal.
Know your market before the plunge. It is a good idea to take a couple of months and get a feel of the area. We as professionals and here to lead you in the right direction based on your needs and game plan. Move toward being specific and focused in your path toward the right property, to avoid the many pitfalls that could occur. Feeling comfortable and trusting your gut are a good way to set you on your way to success.
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