You are interested in purchasing a home. You don't plan to live in it, but you plan to rent it out as an income property. There are plenty of television shows that indicate that this is a good time to make such a move. Is that really the case though? And, if you want to make this move financially, how can you make the best decisions through the process?
Realize There Is Risk
Before getting involved in the investment business, realize there is a significant amount of risk present. You'll have to take on the risk of not having a renter and, in that case, paying two mortgages yourself. You'll also have to handle all investment into the property, from new roofing to a new foundation, if it is needed. Yet, there are plenty of benefits to this process,…
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