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4 Tips For Choosing Your First Investment Property

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If you’ve reached a time and place in your life where you’re ready to start really having your money work for you, finding the right investment is the logical next step. However, if you don’t have much experience with investing your money, you might feel very overwhelmed by this idea.

In situations such as this, many people feel that the best first step in investing is to purchase a piece of property. So if this is the path that you’re wanting to go down, here are four tips for choosing your first investment property. 

 

Get Professional Help

There are many reasons why you should hire a professional service like this maid service Atlanta as a real estate owner. Doing so can help keep your property clean and well-maintained, which can ultimately help it retain its value. In addition, having a maid service can remove some of the stress and responsibilities that come with owning rental property. Here are just a few of the many benefits of hiring a maid service for your real estate business:

  • A maid service can help keep your property clean and appealing to renters.
  • A maid service can take care of all the details related to cleaning, so you don’t have to worry about it yourself.
  • Having a clean and well-maintained property can help you attract and retain good tenants.
  • A maid service can save you time and energy, which you can then use to focus on other aspects of your business.
  • A maid service can help reduce wear and tear on your property, which can help it last longer and maintain its value.

 

Get Advice From The Experts

Before you get too far down this road on your own, it’s wise to get some advice from experts or people who’ve done this type of investing before.

One great way to do this, according to Arthur Garcia, a contributor to Money Under 30, is to take a course about buying an investment property. Depending on where you live and what the real estate market is like there, you can likely find some local people who are willing to share their knowledge with others like yourself. Just make sure, however, that you do some research about the person holding the course before you sign up, as you don’t want to be led down the wrong path early on in the process. 

With the right mentor and the right price for their services, you could be setting yourself up for some great success with your first investment property. 

 

Go With A Single-Family Home

As for the actual type of property that you should go with for your first foray into investment properties, Kathy Fettke, a contributor to Fit Small Business, recommends that you start off with just one single-family home.

While you might have heard that getting some type of complex or multi-family building could bring you a greater financial return in some cases, if you don’t have any experience, it’s best to keep things as simple as possible for yourself. When you have just one single-family home, you only have one property and one renter to deal with, which can be a safer way to gain some much-needed experience before you begin investing more time and money into this venture. 

 

Give Yourself A Big Margin Of Error

Before you get your first investment property, you’re going to want to do a lot of research in all areas of your investment to ensure this makes financial sense for you.

According to USA Today, the best financial situation in which to start with an investment property is one in which you’ve given yourself a big margin of error financially. By putting yourself in this type of situation, you’ll be able to give yourself a better chance of being able to comfortably cover all your costs while still getting a great return on your investment.

If you’re looking to make your first purchase of an investment property, consider using the tips mentioned above to help you pick the right piece of property to buy. 

Wait! Before You Go, Read:

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Comments

  2. Erik,

    Something beyond just making money, you insist people make it worth investing in properties. By the way, experts can guide us appropriately. Good investment ideas!

  3. My wife and I are planning to buy a piece of land and turn it into a rental property so that we will have a monthly income out of it. I found it interesting when you said that getting a property is a big decision to make so we have to do a lot of research to make sure that this will have a financial benefit for us in the long run. Moreover, it is highly recommended to start up with a single-family home for a safer way to gain experience for first-timers like us.

  4. My friend Keith has started taking steps towards his first property purchase and I wanted to help him out. I found it very helpful when you noted that buying a single-family home is a good and simple place to start because Keith is not so sure about whether or not he wants to look for any further investments other than a house. I’ll be sure to show this article to Keith while helping him look for a real estate agent who can lend us a hand. Thank you so much!

  5. Thank you for noting that single-family homes are a great first step to homeownership and picking out an investment property. It was very hard for my fiancee and me to pick out our next financing move since we’re starting our family soon. This is because while we wanted a house immediately, we didn’t want to invest in something too big, so we’ll take your advice and find a single-family home that we can talk over and purchase at a reasonable pace first.