Topic today: Buying an investment property.
Should you buy a single family home, duplex, small apartment building and do you have what it takes to be a landlord or should you hire a management company? Send your questions to firstname.lastname@example.org and we will get you the answers to your questions. Buying an investment property and dealing with tenants is something you have to think hard about. There are professional bad tenants out there that go from landlord to landlord not paying their rent and/or destroying the property.
Going down the path of buying a property and having tenants could be a great investment but it could also be a nightmare. When you decide to rent a property make sure that you have them fill out an application. Then also take a picture of their drivers license because you want as much information on this person as possible. Sometimes prospective tenants do not fill out all the fields on the application because they are hiding things and have a bad history or credit rating and that should be a red flag. Another red flag is when a prospective tenant comes with first and last month’s rent in cash. If they are that eager, it may be a red flag that they are hoping that you will take the cash and not check them out! Chances are they don’t even have a bank account and are probably afraid it’s going to get garnished…..Listen below for more about buying investment properties and dealing with tenants.