TwentyFrugal

My wife and I are in the process of purchasing our first rental property! Here is how we have done it step by step, and what we are going to do next! Step 1: Identifying our mark et The first thing we wanted to do was identify a market that we believe is emerging as opposed to emerged. We were looking at properties in our town and noticing they were priced higher and higher than we believed they were worth, then selling over asking price in a matter of days. Since we are going for a buy and hold investment strategy, we did not care for these high demand quick selling houses. Instead, we wanted to find a market that needed more rentals and had markets that typically foster tenants instead of homeowners. In a neighboring town, we found an area with a great downtown with shops and restaurants, an undergraduate university with a developing graduate program, a hospital, multiple large churches, and plenty of businesses.  Step 2: Secure Private Lending We reached out to family that has d...