Investing in real estate in Redmond, Oregon, especially residential real estate, is a great way to start building for your financial future. There are several big factors to consider to know if this is a good option for you given your current financial state, but for most people it is a much safer option that investments in stocks, bonds and money market accounts.
Generally most people think that they only time they can start investing in residential real estate in Redmond is once they have their own home fully paid for. However, the right type of residential real estate option may allow you to cover part of your mortgage through the rent that you bring in. Of course you will also pay a mortgage on the rental, so you do have to know what the market will support.
Invest In What You Know
If you have not had the experience of owning a rental property before it is critical to do some research and clearly understand what your responsibilities will be as a landlord. You will have to keep up the property as well as cover minor and major repairs when needed. You will also have to keep accurate records and ensure that all landlord and tenant regulations are followed and that the property is not in violation of any codes or requirements as a rental.
Stay Close To Home
If you are investing in residential real estate in Redmond, Oregon it is a good idea if you live in the general area of the city. You don’t have to be down the street, but you do need to be able to get to the property if there is an issue, to show the place to a renter, and to just be able to keep an eye on the property.
Closer to home also means that you have a good idea of the neighborhood, the typical rent values and also the value of the property. You will have to make sure that you can cover a couple of months of the mortgage on the rental property as well as your own property in the event it is difficult to find the right tenant.
Investing in residential real estate in Redmond as a rental option can be a great start to building your financial stability. Carefully do the math and make sure the property you buy is one you can afford, even if it were to stay vacant for a month or two between renters.
