Basic Information and Advice for Purchasing Your First Investment Property

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Basic Information
and Advice for Purchasing Your
First Investment Property
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Determining Whether Its
Right for You
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First, you need to think long and hard about
whether you should buy an investment property.
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After all, it might be the biggest single
?nancial outlay you ever make. Start by looking
at the advantages.
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You need signi?cant cash ?ow to invest in a
property, youre responsible for repairs and
maintenance
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Looking for a
Good Property
The property itself can make or break your
investment. For the sake of starting out strong,
try to ?nd a property that doesnt require
expensive repairs.
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You need to consider any amenities you will
include as well. For instance, guests will
expect fast Wi-Fi. So, plan to set up 4G
internet, which is really fast and can reach all
corners of the home.
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You also might want to think about things like a
pet policy and some security measures.
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Down Payment and Credit Score
When purchasing an investment property, its
important to know what youre getting into as
far as the ?nancing process goes.
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MillionAcres explains that you will need a credit
score of at least 640 to purchase a single-unit
property with a ?xed-rate mortgage, which will
require a 20 down payment.
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If you go with an adjustable-rate mortgage, you
can opt for a 15 down payment on a single-unit
property as long as your credit score is at
least 620.
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Managing the Property
Finally, once youve purchased your investment
property, you will need to keep it in tip-top
shape. This includes everything from major and
minor repairs to landscaping to deep cleaning.
After all, no one wants to stay at a home that
hasnt been well-maintained, and you have a
responsibility to keep the property livable.
Knowing what youre getting into will help you
prepare appropriately and make decisions that
equate to positive outcomes, rather than
?nancial misadventures.
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