Real Estate Investment Tips : Investing in Rental Property

Investing in a rental property can be a great
way to make some extra money. I’m Richard Blake in Clearwater, Florida, and I’m here
explain how to invest in rental property. First thing you want to do is contact your
local real estate agent and ask them what rentals are going for in the areas that you’re
most interested in. At this point in time, you’re going to want to be handy with the
calculator. If you’re not, get someone who is. Take the average monthly rental rates
and then work your way backwards. So for example, if you’re getting fifteen hundred dollars,
or if you can expect fifteen hundred dollars a month on a rental property, you’re going
to then want to make sure that your monthly mortgage as well as your taxes and insurance
are not going to exceed that fifteen hundred dollars. OK. So you can contact your local
real estate agent to find out what the values are, what people are getting, and what you
can expect to get on a monthly rental, as well as what the property values are in that
neighborhood, so you don’t overpay for the property to make sure that your mortgage payments
are within the criteria needed in order for the rental property to make sense. OK. I’m
Richard Blake. These are the first few steps on how to purchase an investment property
and how to make it make sense. Have a great day.

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