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You need to price your rental property so that all of these fees and other expenses are fully covered. Additionally, you should take the first few months of surplus money and set it aside to cover the cost of repairs on the property. You should carry good insurance on the property and be prepared to deal with additional costs and other situations as they arise.
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Real estate is a great investment option. • It can generate an ongoing income source, and can rise in value over time and prove a good investment in the cash value of the home, land or commercial property that you buy. • You may use it as a part of your overall strategy to begin building wealth, but you need to be sure that you are ready to begin investing in real estate.
When purchasing real estate as an investment, • you need to consider the cost of taxes and how much you can rent the property for. • go through a rental company and contract through them for repairs and rent collection. • takes away part of the burden of repairs and upkeep for your property, but it will also cost you money.
If you are purchasing land that you plan to sell at a later date, you need to research the property deed thoroughly. Find out if any roads are planned close to the land you purchase and consider how that will affect the property value. • At times it will help make the land more valuable, at other times it will decrease the value. Once you have done your research, you should be able to make the correct decision about purchasing it for an investment.
You will need to make sure the building is completely up to code, and that you are in compliance with local codes and home owner association regulations before you begin renting it out. • This is a good way to get your feet wet, but you will be living in the same building as your tenant. When you set up your budget, you will want make sure you can cover the entire mortgage and still live comfortably without the additional rent payments coming in.
For all of your Commercial Real Estate needs, if you are looking to purchase Commercial Property, Commercial Land, Real estate Leasing, or looking for a Real Estate Investment, in Houston Real Estate we are the Real Estate Broker you are looking for! Contact me, Danny Nguyen, CCIM, at (713) 270-5400, E-mail: info@dncommercial.net , Address: DN Commercial, 9999 Bellaire Boulevard, Suite 909, Houston, TX 77036.
