Real Estate Investment BasicsMay 12, 2014
You have probably heard all the news about low interest rates and improving housing market conditions. If so, you are probably asking yourself if now is the time to invest in Emerald Coast real estate. Sounds great to us, but do not forget to consider the basics before you buy your second home.
First and foremost, make sure you can afford to take on a second home. Obviously, your goal with owning a rental property is to put your money to work for you, but do not make the mistake and think that this can be done overnight. It is important to keep in mind that even though you will have a renter eventually, there are upfront expenses that should be included in your budget.
You will also want to make sure that you are buying a home that will rent for more per month than what is coming out of your pocket. Take into consideration the monthly mortgage costs, property management fees, maintenance and long term condition of the rental.Â
Once you have found an income property to buy, contact our friends at Southern Residential Leasing. They will be happy to provide you with a consultation on what income your property can expect to generate. Â