Buying Your First Rental Investment Property

Congratulations on considering buying an investment property in the rental market. The rental market can be a very lucrative form of investment, when done correctly. Before buying, it is very important to go to the Code Enforcement Office (or whatever it may be called in that area) responsible for the area in which you are looking. You want to get your hands on all the regulations, rules, codes, and laws that effect the rental market in that area. No two areas are the same and they all have regulations that can severely complicate your life if you do not plan ahead for them. These rules vary from the number of unrelated tenants allowed to the types of trash cans allowed. Do not ignore these rules or try to "get away" with not following them! As my very successful attorney father-in-law states "You can't fight City Hall". So save yourself many sleepless nights and determine if the rules of a town or city are ones that work with your lifestyle. If not, move on to another area. Rental property investment is supposed to create wealth not gray hair.