Buying a home to rent out or flip can help you bring in some extra money, but first-time real estate investors should be careful to take everything into consideration so that they're not caught unawares. Going into the investment with no plan is not a good way to go. You should always have it mapped out, as best you can, so that you don't go over budget. When figuring out how much to set aside to buy the property, don't forget to figure in all of the extras. There will be closing costs, fees, and you will need to budget in for a wide range of possible repairs. When planning for costs vs income, you should never just work out how much you'd need to pay your mortgage and make a little extra. If you do that, you may be caught by things you'd never thought would happen in your rental.
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