Always start small. Buying a condo does not require a huge sum of money to purchase. You can buy a condo with the same amount of down payment required for a car. For starters, you can buy it for approximately a $10,000 down payment. There are additional costs when purchasing a condo or a property. To name a few home inspections, attorney fees, title, and loan origination fees. These fees are variable on the type of house and the providers for each of these services.
Let’s define our goal, we want to make an income from an investment. Additionally, we would also like to spend less time on maintaining the property. Personally, I prefer to find a property where I do not need to invest my time a lot for a needy tenant
Evaluation of a Property
Let’s say we have enough cash to buy a condo. Before we begin our research on a property let’s ensure we are buying a property to invest in and not to live there for the long term (the short term is fine, the goal is to create an income from an investment). We can start by researching the properties Zillow.
Resources
- Zillow – To find properties
- Better – For Loan origination fees, interest rates research
- Property tax – Local county website (Search with the property address to view property tax)
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