When it comes to real estate there are a lot of options out there that you can choose from which is why you need to decide what exactly it is you want out of real estate before you start looking at various real estate listings that you might one day own. Do you want to own a condo? How about a two-storey house? Or would you rather rent a townhouse or apartment? Going into the real estate shopping process with a clear understanding of what it is you're looking for will make things a whole lot easier on you and your real estate agent.
If you're interested in using real estate as a form of investment then you should highly consider shopping exclusively for rental properties. Rental properties are real estate properties that only have one purpose: generate income from tenants. You could buy a rental property in which you live in one part of the house while renting out other rooms in the house or buy a rental property that you rent out exclusively.
Rental properties make for great investments as they help pay off the mortgage and eventually the property will be paid off through the rent you collect from the tenants. Instead of spending money to rent condo units why not use that money to buy a rental property? If you don't know the first thing about owning a rental property but are intrigued by the idea then you can always talk to an eperienced real estate agent who can help clients find rental properties in her area. She knows all the ins and outs of the rental property market and be able to find the perfect place for you.
They'll ask you what you want out of your rental property, how much you can afford to spend right now, what area of town you want your rental property located in, and how many tenants you're looking at wanting to live in your rental property. Once all that information has been gathered you and your real estate agent can start scouring the MLS listings to find that right rental property for you and your situation.
You should also make an appointment with your bank or financial lender to start coming up with a mortgage plan for how you plan on paying for your rental property. There are some differences between mortgages for rental properties than for real estate properties you plan on living in yourself. You don't want to be confused with anything throughout the rental property process. Good luck and we hope you find exactly what you want out of the real estate process!