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6 Tips Before You Purchase an Income Property in Gainesville
6 Things to Know When Purchasing Income Properties in Gainesville FL
Purchasing an income property is a big decision. In some cases it can be a great investment in the Gainesville area because of the professional turnover and the University of Florida student base. But with any investment, there are risks involved. Here are some things to be aware of:
1. You won’t get rich quick.
Income property is not a get-rich-quick plan. The real estate market can be unpredictable, so make sure you have realistic expectations about the potential return on your investment. It’s all about income VS expense. Even if TV shows make flipping property look easy and quick…just beware that it is your money. Plan wisely.
2. Income properties cost money.
As a landlord, you will likely need to pay for maintenance, taxes, cleaning between tenants and vacancy time. Set money aside for emergencies. Always consider the wear & tear any tenant will do to the property, and remember getting a new tenant will mean the property has to be acceptable to any prospective tenant. We call that Move-In Condition.
3. There are rules as to what can and cannot be rented.
Make sure you check that local zoning regulations allow renting before buying a ... more
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