When buying real estate it makes sense to use a real estate agent. It doesn’t cost you anything on the buy side and they can do much of the leg work for you.
However, you still need to do a chunk of research on properties too.
You must remember, when looking to buy a rental property the person that has the best interest in your investment is you.
Anything that slips through the cracks doesn’t hurt the real estate agent it hurts you.
However, we still want to leverage an agent – have them search listings, schedule showings, etc.
The particulars of a property you want to verify yourself though. Things like taxes, homeowner’s associations and the like.
Home Owner’s Association:
When looking at a property that is within a homeowner’s association there a many details that need to be verified.
The most important is if they have any rental restrictions. This is something you should have your real estate agent verify specifically for you or just do it yourself.
Another one is the actual cost of the monthly maintenance fee. Just because the listing agent showed X amount in the listing does not mean it is right. Furthermore, the buying agent doesn’t verify that information often enough, taking the listing info at face value.
Be the Foreman
When investing in rental properties you must leverage the services available to you. You want to manage those like a foreman on a construction site. You know what needs to be done and the details of the job and oversee that it is being done correctly.
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