When most people think of money saving tips, they think of how to save on food, utilities, and discretionary purchases. But there are ways to save money when buying investment property.
The most important tip is to do your research first and make sure you’re financially ready for the risk that investment properties bring.
You also need to consider all expenses involved, including purchase cost and loan amount, and costs of carrying the property, such as taxes and insurance.
Before you start looking, define why you want to buy investment property.
Is it for an extra income stream? To eventually quit your job and make your living from investment property? To have a more comfortable retirement?
Your reason for buying an investment property will influence your choices along the way. Knowing your reasons helps you stay focused. (more…)