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Up To Date MLS Data

By on April 6, 2018

If you are new to the world of investing in income property, here are a few things you must know before you begin your search:

  1. Loan Pre Apprvoal
    You do not want to waste your time looking in a price range you do not qualify for. Or, you might qualify for more than you thought. A pre approvalĀ  lets you know what your purchase power is.
  2. Submitting An Offer
    Having your pre approval when submitting an offer lets the seller know that you are a serious buyer and ready to go. If a seller receives multiple offers, they tend to dismiss the offers with no pre approval. Cash is usually king in real estate but a pre approval and a good down payment is the next best thing.
  3. Research the Area
    Drive around different to areas or cities to narrow down which areas you would like to own in.
  4. CAP Rates
    Many newer investors think that the CAP Rate is the only thing that matters. This usually only matters when you are buying cash. You will usually get a higher CAP Rate in areas that are less desirable. For instance, coastal cities usually have a lower CAP Rate because the properties are worth more near the beach.