The Best Way to Buy Your First Investment Property

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Are you interested in the idea of investing in a property that can be used as a rental unit to bring in money each month? Many people want to learn more about real estate investing, but they don’t know where to start. Before you jump in too deep, it is important that you talk with an experienced real estate agent to learn more about these business opportunities.

Start Small

If you are just getting started, then you should consider the advantages of buying a small investment property. For example, a 1-bedroom condo that is less than $150,000 can be a great option to consider. This type of property is affordable, and it makes an excellent rental unit.

Another advantage of this type of a purchase is that you might be able to get it on an accelerated mortgage, such as a 15-year fixed mortgage. The faster you pay off the mortgage, the sooner you will be able to ramp up your monthly cash flow from the investment.

Once the unit is paid off, this type of property will always be worth something, even if the market turns down. It is essential that you consider the long-term value of a property, especially when it is an investment venture.

Ongoing Maintenance and Repair

Also, you need to consider the future costs that might be incurred for remodeling or repairs. A small condo doesn’t have a lot of space to remodel, and the smaller square footage helps to reduce the remodeling costs.

As you can see, there are many advantages to starting with a small asset that can be quickly paid off. Then, you will have the cash flow available that can be rolled into other investment properties if you decide to expand your efforts in the future.

For more information about buying these types of investment properties or any other type of real estate in Temecula, send me a text or an email! I am an experienced Temecula real estate agent, and I am here to help with all of your real estate needs. Contact me right away at: (951) 473-0390 or [email protected]