Editor’s note: This is a transcript of the audio file.
If you’re thinking about investing in a rental property, experts say low home prices combined with low interest rates make this the best time in years to become a real estate investor. I’m Haley Lyons with your Bankrate.com Personal Finance Minute.
The real estate market is slowly starting to recover and this may be the right time for first-time investors to take a chance, but before you do so you need to know your options.
Not all investment properties are the same, it’s important to determine what type of property fits your strategy. Do you want to become a landlord or would you rather restore and resell properties? Are you looking for an apartment, land or other commercial real estate?
First-time investors should find a Realtor experienced with investment property deals that can help you locate promising properties. It’s important to work with someone who knows the market and can help you make the best investment for your own personal goals.
Location is key. Stay away from rural areas if you are trying to rent out a property and look for homes with multiple bedrooms and bathrooms in neighborhoods that have low crime rates.
To find out more on this and other personal finance issues, log on to Bankrate.com, I’m Haley Lyons.