Buying: First Rental Property

The work begins once you hold the keys. Treat the property like a professional business.

Use property management software to collect rent electronically and track maintenance requests. buying first rental property

Connect with a real estate agent who specializes in investments, a reliable contractor, and a tax professional who understands real estate law [9]. 🏠 Phase 4: Setting Up for Success The work begins once you hold the keys

Expect 50% of your rental income to go toward operating expenses (excluding the mortgage) [17]. a reliable contractor

Before looking at properties, ensure your financial house is in order and your investment goals are defined.

Monthly rent should ideally be at least 1% of the purchase price [16].

Lenders typically require a 20-25% down payment for investment properties, as they carry higher risk than primary residences.