Buying an income property can be a wise investment . . .
But it takes a lot of research to find the potential locations and to find the bargains that will earn you the most money in the long-run.
Property bought or developed to earn income through renting, leasing or price appreciation. Income property can be residential or commercial. Residential income property is commonly referred to as “non-owner occupied”. A mortgage for a “non-owner occupied” property may carry a higher interest rate than an “owner occupied” mortgage as it is viewed by lenders as a higher risk.
I have found a lot of information over the internet from some very wise people that have developed websites like myself. I will share what I have found as well as share my own experiences.
The one thing I have found out is to have a reliable realtor that is available to you at all times. If you are a realtor, then you have that already!
Now, investment properties can be homes that you want to buy in horrible condition at an excellent price and the idea behind that is to buy these types of homes and totally gut them and remodel them. That’s a great idea for the investor that is doing this as a full-time job. But, what I’m doing is a part-time job of investing in property.
So what I’m saying is you can be a part-time property investor if you want to avoid the majority of your time renovating a home, that could be required to be involved in property investing.
A Part-Time property investor is someone that already has another professional career (Full-Time Job) and has financial stability with income in savings to invest but doesn’t have the time to do major renovations.
As a Part-Time property investor you’ll be able to buy the property and make minor improvements in order to make it a favorable leasing property.