Buying your first rental property can be overwhelming, especially if you’ve never done it before and aren’t sure what exactly to expect.

Here’s a short, step-by-step overview of what the process looks like from beginning to end.

This article is geared towards novice or beginner rental property investors who are interested in buying residential property (single-family residences or small multifamily) with a conventional loan.

Before You Start Looking

  1. Determine Your Budget
  2. Make Sure Your Credit Score Is in Good Shape
  3. Research Loan Options
  4. Look into Tax Credits
  5. Shop for a Loan

During the House Hunt

  1. Find a Real Estate Agent
  2. Find your Perfect Property
  3. Make an Offer

Last Steps

  1. The Appraisal
  2. The Home Inspection
  3. Close on the Property

 

This is a summary of an article that appears on BiggerPockets.com. Read the full article here.