Taking the step to buy an investment property can be scary and daunting, particularly if it’s your first time.
In our series, Finding the Right Property for Your Goals and Your Budget, you’ll learn how to incorporate tried & true strategies to find a property that is the right fit for your investment plan … and your budget.
Keep in mind, purchasing an investment property can be a stepping stone to the next property. You want to do it right the first time and set yourself up to be financially able to acquire another when the time comes.
Here’s a weekly run-down of our “right property”-buying formula:
Week 1 — Questions to Ask Yourself Before You Start the Search
Before you do anything, evaluate your wants and needs for your portfolio. This will be the very first, but most important, step on your journey. Your answers will set you on the right path!
Week 2— Are You a “Property” or a “Location” Person?
Usually people tend to lean toward one or the other — being a “property person” or “location person.” The reason we ask this is that it’s rare to find the perfect property in the perfect location within budget. So you need to figure out where you’re willing to compromise.
Week 3 – Steps Investors Skip When Purchasing a Property
To make sure you end up with the property that best fits your plan and budget, you need to make sure things are done correctly. This article will go over steps you need to take that can lead you to that “right property”.
Week 4 – How to Finance Your Purchase
Most investors are not newbies when it comes to mortgage loan options, interest rates, credit scores and financing in general. This article will go over why it’s important to get funding, whatever type you choose, lined up so that you can move forward quickly if you want to make a serious offer on a property.
Week 5 – Putting It All Together
These three factors – budget, location, and criteria — are intertwined and play a key role in finding the right property . This article explains how these factors influence each other; and how “putting it all together” is essentially your roadmap for your property search.
Week 6 – What You Need to Know About Schools, Crime Rates & Demographics
This article is a great starting point on how you can best search for properties based on school, crime and income rankings of certain areas and why that is AND is not always a determining factor for the success of your property .
Week 7 – “As Is” Home – Deal or No Deal?
Many investors purchase “as is” properties for a number of good reasons. You do need to tread carefully as there can be vast differences on the state of that “as is” condition. This article will discuss the steps you should take if you plan to make an offer on an “as is” property, and how to determine if it’s a deal or no deal.
Parker Properties, Inc.
With a background in property management, I know which homes make the best investments and excel at managing those properties for you after we close. My meticulous eye and high standards are applied to every aspect of caring for your home & your investment.
PO Box 1273
Kamas, Utah 84036