For many individuals, a new year means new opportunities; however, regarding financing, the holiday period tends to have many keeping a tighter check on their pocketbook at the start of the year. This feeling might be escalated if you’re trying to invest in rental real estate.
Whether investing in real estate is new venture for you, or if that is your third or fourth home, you still are knowledgeable about the overwhelming feeling that you get when you’re asked to put 20 percent down on the property. This original investment may feel almost impossible at first, but if you utilize the below tips from Real Property Management Executives of Greater Atlanta you can start the new year off right.
The benefits are many once you have made the initial step in the investment real estate world, and with the expert guidance of your property supervisors, this impossible task will soon be the highlight of the entire year when you determine how it can repay.
1. Establish a Budget Early on
While your money may be depleted at the start of the calendar year, it is very important that you begin saving immediately if you wish to purchase rental property. By establishing your financial plan and sticking with it early on, you can start looking for properties which are within your spending limit, which will save you money and time at the long-run whenever you are ready to make the purchase.
2. Get a Side-Hustle
Additionally, consider choosing side-hustles, or freelance opportunities, to raise the 20% required for a down payment. This may mean that you take on additional hours at work, just take fewer days off at the beginning of the calendar year, start up a side/weekend job like Uber or many different other opportunities according to your own skill set. A couple hard-working months on the first day of the year may pay off as it has to do with the opportune moment to obtain your perfect property and call it your own.
3. Buy a Fixer-Upper
Even with budgeting and doing a side job, you could discover you will not have the ability to save enough for a down payment on your ideal rental property. Therefore, look into what you can afford. A means to reduce your total down payment is to purchase a fixer-upper. Homes that need repair are substantially cheaper and provide the advantage of allowing you to prepare it as you please to your future occupants. Fixing and remodeling a house yourself, or with a team, may even be an enjoyable venture for the new year.
Use the above tips to purchase your 2018 investment rental property and contact Real Property Management Executives of Greater Atlanta for assistance in managing your property. If you would like more information about our services, contact us online or call us at 678-504-8580 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.