Assuming you have been successful selecting a good income property that meets your financial goals, revisit your criteria, then make a plan to determine if and when you want to buy another income property. Many investors “test drive” their first investment, see how it goes for a while, then decide to buy another, “buy up”, or “trade up”. A typical first investment is a single family residence, a condo or a duplex. These are easy to get started with, and you build confidence in the process.
The next step might be to “buy up” to a fourplex, where your money is leveraged even more efficiently. Or, possibly look at owning a multiunit property, say 8 or 10 units. The rules change at that level, and you’ll probably want to have a professional property manager help you out.
SMART Real Estate Investing System
In any case, SMART investors are always looking for ways to improve their return, and the SMART Real Estate Investing System is always here to assist.
Click here to go to SMART Buyers Step 1: “Determine Your Goals”.