Source: Forbes —
Buying an investment property is a great way to earn extra income and build long-term wealth. However, there are many considerations that go into buying your first investment property, especially in the current real estate market.
Because investment properties can be a risky endeavor, it’s important to consider all of your options and educate yourself on everything from tenant laws to home maintenance. To that end, 15 Forbes Biz Council members with experience in real estate gave their best tips for buying your first investment property.
1. Do Your Own Research
The advice I would give to someone looking for their first investment property is to never listen to the numbers the brokers have given you. Do your own due diligence. Find out the numbers yourself and do the math yourself. Due diligence is your get-out-of-jail-free card, so use every moment to turn every stone on the property. If something gets missed in the due diligence period, it is your fault. – Aviva Sonenreich, Sonenreich & Co.