Buying a good rental property has the potential for some incredible passive income opportunities. However, in order to be successful you have to do your due diligence and make sure you do it the right way. Our friends over at FortuneBuilders put together the following infographic that will not only prepare you with what you need to know before buying a rental property, it also outlines the steps of buying a rental property, and provides some questions to ask when making the purchase.
Their 10 steps to success are:
- Evaluate your personal and financial goals.
- Ask yourself if you’re ready to become a landlord.
- Look into the benefits of hiring a property manager.
- Assess how much property you can afford.
- Pick an ideal location and property type.
- Carefully filter through rental properties.
- Secure your financing.
- Commit to a property and make your offer.
- Schedule a professional property inspection.
- Await your closing date!