If you are thinking of buying Mobile Eastern Shore real estate and making it a rental property, there are a number of things to consider when choosing the property.Continue reading
Mobile Bay Real Estate: Do I Really Want to Own Rental Property?
Investing in Mobile Bay real estate and owning rental property sounds glamorous, but it isn’t for everyone.
Be sure you know what you’re getting into and understand what you are getting into before signing on the dotted line. Here are some questions you should ask yourself before purchasing an investment property:
- Where will the down payment come from for this property?
- Do you have cash reserves so you handle periods of vacancy, i.e. no income?
- How about reserves for unexpected repairs and other expenses?
- Do you need property to rent immediately or do you have time and money for a “fixer-upper”?
- Will you make needed renovations and repairs or hire someone else for the job?
- What type of property do you want: single family, apartment, duplex, condominium, or vacation property?
Thinking it through ahead of time assures that you won’t get caught making a rash decision you will regret later.
If you decide now is the time to take advantage of lower market prices and invest in Mobile Bay real estate and rental property, visit JudySells.com or give us a call, 251-990-0569.