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Basic Information and Advice for Purchasing Your First Investment Property

Looking to purchase a new property in Texas? Here are few things to follow to determine whether it's right for you. Get your 90 days free trial now @ https://www.enrichedrealestate.com/

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Basic Information and Advice for Purchasing Your First Investment Property

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  1. Basic Information and Advice for Purchasing Your First Investment Property www.enrichedrealestate.com

  2. Determining Whether It’s Right for You 01 First, you need to think long and hard about whether you should buy an investment property. 02 After all, it might be the biggest single financial outlay you ever make. Start by looking at the advantages. 03 You need significant cash flow to invest in a property, you’re responsible for repairs and maintenance

  3. Looking for a Good Property The property itself can make or break your investment. For the sake of starting out strong, try to find a property that doesn’t require expensive repairs. 01 You need to consider any amenities you will include as well. For instance, guests will expect fast Wi-Fi. So, plan to set up 4G internet, which is really fast and can reach all corners of the home. 02 You also might want to think about things like a pet policy and some security measures. 03

  4. Down Payment and Credit Score When purchasing an investment property, it’s important to know what you’re getting into as far as the financing process goes. 01 MillionAcres explains that you will need a credit score of at least 640 to purchase a single-unit property with a fixed-rate mortgage, which will require a 20% down payment. 02 If you go with an adjustable-rate mortgage, you can opt for a 15% down payment on a single-unit property as long as your credit score is at least 620. 03

  5. Managing the Property Finally, once you’ve purchased your investment property, you will need to keep it in tip-top shape. This includes everything from major and minor repairs to landscaping to deep cleaning. After all, no one wants to stay at a home that hasn’t been well-maintained, and you have a responsibility to keep the property livable. Knowing what you’re getting into will help you prepare appropriately and make decisions that equate to positive outcomes, rather than financial misadventures.

  6. To Know more, visit: www.enrichedrealestate.com

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