teamworkBuying your first investment property can be a bit daunting. You're looking at all the research that should be done, all the details that should be covered, and those are before you even buy the property. What kind of tenant are you looking for? What neighborhood you buy the property in will have bearings on that. Are you investing in a city other than your own? You should make sure you know the local laws, employment numbers, and might even think about checking into a property management company in the area, depending on just how far away it is.

Once you've bought the property you'll need to market it, screening potential tenants, and sign a lease. For a first time investor, you might feel like you're treading through very strange waters here and missing something that you should have known. One of the best ways to counter this is to seek out advice from landlords that have been in the business longer than you have. Read blogs, check out communities, and keep up with the news. You should seek out other landlords in the area and ask advice. If they've been in the rental business long enough, they should have a wide range of stories for you so that you can learn from their mistakes and hopefully make fewer on your end.

BiggerPockets has a great article for "life hacks" for a real estate investor and landlord to help you get started on tips that you might not have thought of.

POSTED August 11 2014 10:11 AM

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