If you have decided you'd like to have some income property then there are things you want to consider when it comes to buying the place best suited for this. By choosing the right house and approaching everything in the best manner possible, you can increase your chances of having a good experience with rentals. Here are some tips for finding the right rental to buy, as well as other good advice:
Consider a Multiplex
If you really feel ready to start making money via rental units, then you may want to try to find a duplex or even a tri-plex. This is great because it allows you to buy one property that you can then turn around and get a number of renters in. This can also be helpful with your finances because if one renter decides to move out, you still have others to help you stay on top of the mortgage.
Consider a place that already has long-term renters
When you are looking for the right place to purchase, let your real estate agent know that you would be more than open to buying a place that already has long term renters in place. There are a lot of benefits that can come with this. As long as you don't plan on raising the rent too high for them, they may be content to stay put as your renters. This means you won't have to worry about having the place empty while you look for your own renters. Also, since they have been content to stay in the place this long, you may end up with renters that are happy to stay with you for years to come as well. It can be hard to find long-term renters who stay for years, so this can be a huge plus.
Consider a place that is nice but basic
You need to be honest with yourself about the fact that renters can be hard on units. Not everyone treats a rental the way you would hope. Therefore, it's a good idea to buy a nice single-family home that doesn't have a lot of fancy amenities and special touches that you will have to worry about being damaged. You also want to make sure you use a nice, lower end carpet and paint in high gloss paint that's going to be easy to clean off when it gets dirty.
Contact a company that can help you choose real estate rentals for more information and assistance.