So you are ready to start planning your first investment property purchase? First things first. There are a couple of professionals that you need before you start looking for an investment property.
1. Your Investment Property team.
Included in your real estate investment team should be a. Realtor b. Mortgage Banker c. CPA d. Attorney (You should at least know a good one.)
2. Know your net worth.
How do you figure out your net worth the easy way?
2 columns, draw a line down the middle. Your bills, debt on left, your equity (what it is worth) on the right. Add up and you will either have debt or net worth.
You also want another page directed with your monthly income coming in and your monthly bills going out
3. How much can you buy?
With… cash, equity line, inheritance and mortgage. This is where the mortgage banker comes in handy,
4. Where do you want to buy?
How many different areas, cities do you know? Are you going out of state?
Take baby steps in the beginning.
After you have a team, know your net worth, how much you want to spend, and where you want to spend it then we can begin the process.