You’ve made the decision. You’ve watched property values decrease over the years and now it turns out they might just be back on their way up. Combined with ultra-low interest rates it just might be the right time to dip your toe in the rental market. But which is the better decision: a duplex or a single family residence?
Once you have determined which type of real estate will be your focus, study that market carefully – in remarkable detail – before making an offer. Gather as much pertinent information as possible, for example, fair market value of the property, recent sales in the area for similar properties (real estate comps), the maximum offer you are prepared to make, and have a logical estimate of expected rental income and immediate costs (renovations, repairs, etc.).
Be prepared for anything that may come up in the bargaining sessions. Make sure you are working with an experience agent that you can trust. It is always best if the agent has been referred to you by an experienced investor. You may also want to discuss any potential purchases with other trusted advisors such as your financial planner, your attorney and your accountant.
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Remember, you’re the pilot. You just have to determine where you’re going to go.
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