Buying investment property requires a different mindset from a traditional property purchase. The investment property should be tailored for your specific goals and lifestyle. Below is a list of items to consider before making an investment property purchase
- Are you looking for cash flow, long term appreciation or a mix of both?
- How long do you plan to own the property?
- Do you plan to manage the property yourself or are you a candidate for a property manager?
- What have similar properties sold for in the past?
- What does it rent for? What could it rent for?
- Is this property a candidate for long term buy and hold or short term flip?
- What are days on the market for similar properties
- How much work does it need?
- What will it take to make it ready?
- Will I do the work or contract it out?
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