Want to buy my first investment property, where do I begin?

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Taking a time machine back to 2021 is a solid first step.

funny

Oh gosh, well...
price... need higher % down on investment property
quality... old=maintenance; what tenants are attracted
location... close to where you are so you can pop over? future equity growth?
management... are you ready to manage a property, or pay those fees
Long term commitment.... If you're not in for the haul, don't get in at all
Profit margin... lots of profit will be trapped in equity, especially at first; what are expected rents?
Costs... remember you will pay for repairs, upkeep, taxes, maybe some utilities, plus time dealing with tenants if not managed...
Type of unit... studio v. 1 bed v. 2 bed, etc. / target market

That's a start?

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Watch Mike Zuber for ideas, Dion Talk for easy to follow advice, and InvestLYH (the old stuff) on how to evaluate a property using cash on cash return. All are on YouTube,

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Do you have money saved for a down payment? Do you know what market you want to buy in? Do you plan to hire a property manager, or self manage?

First is to choose an area. Look at the area, then choose a property type. Research that, crunch the numbers, and get in touch with a broker. There are a lot of other things, but here’s my take on the groundwork.

Mine will be on the market this summer - you can buy it. I’m tired of the headaches and high property management fees.

It’s in MN and yes, 1 unit is leased and they’re great tenants. The other is on the market to be rented.

Don’t

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