First time home investors – Must Have Tips.
Are you wanting to invest in a rental house? Here are my must have tips.
1) Talk to a Real Estate professional who specializes in investment property. Looking for multi family property or single family homes? What is the difference?
2) Talk to an Accountant or CPA. This is not that fun but so necessary. The last thing anyone wants to do is pay more in taxes.
3) Are you managing the home yourself? If you have never done this before read Landlord for dummies or any landlord book but make sure it pertains to your State. And most importantly make sure you are accessible. There have been many Christmas Day plumbing issues and New Years Eve roof leaks. Tenants need to be able to get a hold of the landlord.
4) Hiring a Property Management Company? Do they have an interactive web site, do they know the market, will they help you find investment properties ?
There are many wonderful tax benefits from rental properties as well as increase in equity ( home increasing in value) and cash flow (money you receive after all rental bills are paid).
A book I always recommend for first time home investors in Rich Dad Poor Dad, by Robert Kiyosaki.