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4 Things to Consider Before Becoming a Landlord
4 Things to Consider Before Becoming a Landlord
When considering whether or not to buy investment property, searching for good advice can lead to even more frustration. After all, there is a lot more to consider than the simple messages you find on many websites, like: "Home prices are at rock bottom and interest rates are at historic lows!"
Your best bet, when considering whether or not to become a landlord, is to solicit the advice of your financial advisor and your real estate agent.
Let's take a look at some of the research you'll need to perform in order to determine whether you are a good candidate for becoming a landlord. You'll also want to decide whether this is the right time to pull the trigger on purchasing an investment home.

Vacancy Rates Unless you are using an FHA-backed loan to purchase a condo, you'll never consider vacancy rates when purchasing a residence in which you intend to live. When purchasing rental property, on the other hand, those numbers are critical.
One of the first questions to ask yourself is whether or not you are financially able to pay the house payments when the house sits vacant. Savvy landlords ... more

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