A quality rental property can completely transform your portfolio. The idea of having tenants provide you with monthly cash flow while reducing your loan balance is a very appealing thought. However, not every property makes a good rental. It is important to always do your due diligence on every prospective rental purchase you make. There are times you will come across items that are not only costly but make it difficult to find good tenants and maximize cash flow. These red flag items are often non-negotiable deal breakers and must be taken seriously. Here are six red flag items to look out for on any prospective rental property purchase.
All rental properties are not created equally. In areas of high demand, it is the little things that can directly impact just how rentable your property is. The more demand for your property, the more you can charge for rent, and the higher your cash flow will be. If there is any doubt as to whether something will impact the property it is always best to err on the side of caution. If you think something may be a red flag, it usually is.
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