Saint Petersburg, FL Before I jump into this article, I should begin by discussing why I chose to invest in real estate in the first place. The year was 2020…
needed income with the flexibility that my current job was providing without the risk of losing that income. I needed passive income. More than just passive income, I needing something tangible to place my money.
If you’re based in San Francisco, you’re going to need a lot more money to get started investing in real estate than you would in small town Arkansas. You’ll need more money if you’re looking to invest in multi-family properties than you would if you were investing in condos or townhomes.
The United States is not just one market, but rather it is a mosaic of thousands of real estate markets. During the same time that a city like Detroit could be hurting, a city like San Francisco could be flourishing. If you only invest in your hometown, you are forfeiting many potential investment opportunities in other markets all over the country.
Before you even begin to look for your first (or next) rental property, before you even get that pre-approval letter, before you begin to attend open houses and speak to real estate agents, you must clearly define why you’re even getting into real estate in the first place.
Once you have completed the purchase of your rental property, the next thing you will need to do is to decide which renovations you will do, if you haven’t done so already. These renovations will depend on the state in which you bought your home.