I was once told, “If you want to invest your money, you need to invest in real estate, especially if you want to invest in something that only increases in value. " That has been proven to be a true statement. Call up several local real estate offices and ask if they have any rental property. You might be surprised at the number realtors that have rental property. Why buy rental property? Because it is an easy way to make your money make money for you. Are there any Tips Investing Rental Property? Yes, there are several ways a person can do this.
The easiest tip would be to watch your local newspaper for low priced sells on houses, manufactured homes and apartment complexes. Secure a loan through your bank allowing enough to cover some remodeling expenses. Set a rental rate to cover your payments and rental insurance. Keep in mind that the idea is to make money, not lose money.
Contact your Land Commissioner's office in your state captiol. The land commissioner's office publishes a book of delinquent taxes on property in every county in your state. This book is sent out every three months on a quarterly basis. This book is free to the public. Once you get your book from the land commissioner's office, you will need to go to any real estate office and get a book that give the land description and where it is located. Research the property before you buy it. This is by far the best of the Tips Investing Rental Property. This is how realtors buy their property. So keep in mind when you are bidding, you are more than likely bidding against realtors with easy money in their pockets. How this actually works is, after taxes have gone delinquent for four to five years, the state reclaims that land and will auction the land to the highest bidder.
If you are interested in vacant land so that you can start a subdivision such as a mobile home park or to build houses, you will need to find out some answers to some questions. Is city water and electricity available? Does the land require city sewage or septic tanks? If it requires septic tanks, will the land pass perk tests? These are the most important questions you will need to ask when purchasing vacant land.
Setting your rental property up as a home business is another of the Tips Investing Rental Property. This is so that you can claim deductions on your income taxes. Because any repairs that you do are tax deductible. For every month that your property sits vacant, you can claim loss of income.
Remember, it takes money to make money, so do not be afraid to spend a little. Do your research and do it thoroughly this is your future and that of your family. Seek the advice of an attorney on how to setup your rental contract, or if you need to do credit checks on renters. The list is endless. So enjoy yourself and invest in your future.
Ian Pennington is an accomplished niche website developer and author. To learn more about tips investing rental property , please visit Easy Profitable Investing for current articles and discussions.