Number 6: Stick close to home.
This one is debated a lot. Some of the very best deals these days are in cities like Detroit. However, if you live in Oklahoma, trying to buy right and manage a rental property in a city far away is probably not the right path. Later maybe, but not for your first.
You want to invest if possible in your city so that you can drive by your investment a couple of times a month just to see how the exterior looks. It’s also kind of nice to see your investment sitting there, unlike shares of stock sitting in your broker’s safe or on a computer somewhere. You also can check out repairs and major issues and shop for the best service to correct problems. Then you can check quality before paying the bill.
via 10 Things You Need to Know Before Buying Your First Rental Home – Early To Rise.
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