Rental Property in Oshkosh, WI
You may be considering buying your first rental property in Oshkosh, WI. First, I want to congratulate you for taking the next step toward financial freeom. I believe that real estate is the easiest & safest way to achieve financial freedom today.
Now what needs to happen in order to build a successful rental portfolio…
1. You Need to opperate as a business. What I mean by this is you need to establish a team of professionals who can help you in every single situation. That team may include contractors, property management, attorneys, realtors, etc. Find the best people to help your rental property business thrive.
2. You need to buy based on numbers, not emotion. Typically when people are looking to purchase a house for themselves they buy based upon emotion. What I mean by this is they “love” certain things about the house that they “need” to have. With rental property, you need to buy based upon the cash flow the property produces. You DONT want to buy a rental property if you are losing $200 a month.
3. Factor in all Expenses. Another things people miss when buying rental property is all the expenses associated with it. You need to have “cash reserves” set aside incase a furnace, roof, a/c, or other large expense occurs. Here is a list of expenses that should be factored in every purchase:
– Vacany 5%
– Repair & Capital Expenditures 10%
– Property Management 10%
– Taxes, Insurance, Mortgage Payment
If the numbers make sense after all of this is factored in then you have yourself a great rental property!
4. Don’t Hesitate on the Purchase. Everyone has some level of uncertainty when making a decision. What truly matters is what you do in situations where you are uncertain. Are you going to let the fear paralyze you, or are you going to push forward & change your financial future. Especially when buying your first rental it will be scary. But I promise you after your first it becomes much easier!
Now it is your time to take action today & start looking for a rental property! Whether you start searching with a Realtor, or get on wholesalers lists, you should be able to get your first deal in 90 days. For assistance in the process please reach out to us at 920-215-4201 or submit a form on our Contact Us page. We would love to assist you in the process of aquiring your first rental property.