If you have ever considered buying a property for a residential rental, now is the time. We are needing so many rentals now. Now could be your time. Being a landlord is not for everybody. However it is a way to build an investment for the future. Would you like more income for your retirement? If you have young children, would you like to invest now for their college expenses or just a start for their future? These things are possible if you make the choice now. Even if being a landlord isn't for you the information can still prove valuable. I think one of the most important thing about having information is to be able to share it and maybe help someone else.
Many times what keeps people from investing in real estate is they don't know how to get started. They think they have to qualify for the entire purchase price, the usual amount they would have to qualify for 25% of the purchase price, they count the proposed rent as income. The first thing you need to do is to contact a lender, give them all your information and ask what you would be able to qualify for. It is usually a good idea to speak with more than one. Sometimes they have different programs and different guidelines.
Other reasons that make people hesitate to buy a rental property is they don't know how to get renters. Here in Lake County that is not a problem most of the time.
Find out what's happening in Grayslakefor free with the latest updates from Patch.
I teach some classes at the Libertyville High School with their Community Education, on buying investment properties, Comed128.ed, if you would like more information. I will be doing an online zoom class soon if I get enough interested people. If you have an interest, send me an email at fdarr1017@aol.com. Real estate questions, contact me. florene darr