Before You Purchase a Rental Property
Posted on June 19, 2014
Whether you are in the market to find your first home or your tenth, the decision to buy a real estate in Destin is a major financial and mental commitment. Credit scores, mortgages, down payments and property appraisals are just a few of the many tasks that must be tackled when you have found the home of your dreams and the same holds true for income properties.
The reasons people choose to invest in rental properties can range from those who cannot sell, those who are not ready to sell and those who never intend to sell because of the income generation. While it may sound easy enough and great way to produce extra cash flow, it is important to realize there are a number of things that go into buying a home for rental income.
First and foremost, you want to pick a property that will actually generate income. This plays into the overused, but often true phrase of “Location, Location, Location!” Location is key in attracting the “right” types of tenants. The next step revolves around the numbers. This can include taxes, utility bills, current rents and vacancy rates.
If you have found a property worth renting, contact our Gulf Coast property managers and they will help you with everything from tenant placement and screening to financial management. If you are still looking, search the entire Emerald Coast MLS from our Property Search page to find that perfect income generating property.
Posted in: Real Estate Tips, Residential Leasing |Tagged: Gulf Coast, property managers, Real Estate.