Location is the one thing you cannot change about a property. Focus on areas with strong economic indicators.
Decide between long-term rentals (stability), short-term rentals (higher potential income, more work), or "house hacking" (living in one unit of a multi-family property while renting the others). Apply the "Rules of Thumb": buying first rental property
Once you find a property, move with intention but remain skeptical until the data is verified. Location is the one thing you cannot change about a property
Renters are attracted to areas near public transportation, parks, and grocery stores [8]. short-term rentals (higher potential income
Include often-overlooked costs like landlord insurance, property management fees (typically 8-12% of rent), and a "vacancy fund" (5-10% of rent) [5, 10].
Monthly rent should ideally be at least 1% of the purchase price [16].