You've gotten your feet wet, now you're ready for more! How do you know when it's time to invest in more real estate? The simplest answer is ...when the rental income exceeds the monthly mortgage. So basically, when the property will add to your income. Now is a great time to jump into this kind of opportunity.
Here are some great things to consider:
1. Invest close to home...especially if this is your first investment. That way, you'll be able to get some hands on experience, with close proximity, it will be much more convenient.
2. OK, think a little further away now....you never know what the market will do in the future. If you have some investments in different geographical locations, you have more opportunity to "play the odds" so to speak.
3. Invest in a lower income neighborhood. Residents in affluent neighborhoods don't often move away, so housing prices stay higher. If you invest in a lower income neighborhood, especially in this market, you have a chance to make buku bucks!
4. Consider who will be renting your property when choosing upgrades and amenities. Nicer amenities and upgrades keep renters around longer. If it is a vacation rental, really look around for attractive amenities nearby so you can use these perks when marketing the home.
Here is a great article to read on this subject. When you are ready to watch your money grow, I am here to help you get the funding you need to get started!