A brand new year often means new opportunities for many people, but with regards to finances, the holiday season will leave many with a lighter pocketbook to start the new year. A feeling that might be escalated if you’re trying to invest in rental real estate.
Regardless of whether rental property investing is new to you or if you’re on your third or fourth house, you are going to always remember what it felt like to be asked to make that initial 20% down payment. While this first investment may understandably feel extreme, if you utilize the below tips from Real Property Management Metro Detroit you can kick the new year off to a great start.
As you take your first steps into the investment property world, let the expert guidance of your property supervisors help you appreciate the initial challenges but eventual benefits of the following:
1. Establish a Budget
While finances can feel depleted at the start of the calendar year, it is very important that you start saving immediately if you want to purchase rental property. By establishing your budget and sticking with it early on you can start looking for properties within your spending limit saving you time and money in the long-run.
2. Get a Side Hustle
Consider picking up side-hustles (freelance opportunities) to raise the 20% required for a deposit. This may mean you take on additional hours at work, take less time off, start up a side/weekend project as a Lyft driver or something else depending on your skill set. After committing to a few hard-working months you just might find yourself accepting the keys to your perfect property.
3. Buy a Fixer-Upper
Even with budgeting and side jobs, you may still find yourself short of the required down payment for your desired rental home. If that happens, assess what you can afford and consider the possibility of purchasing a fixer-upper. Houses that need to be repaired are substantially more affordable, especially if you end up remodeling it yourself which might also make for quite an enjoyable past time.
Use the above tips to purchase your 2018 investment rental property and contact Real Property Management Metro Detroit for assistance in managing your property.
If you are interested in having your property managed by Real Property Management Metro Detroit, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 248-808-6550 today!