To Buy a Home for Rental Purposes, you have to determine your budget constraints as well as the amount needed to buy a rental property by meeting with a licensed real estate agent with experience in representing rental property buyers and sellers. After that, ask your real estate agent to target neighborhoods for prospective rental properties and start driving theses geographic areas to pick an appealing area that meets your ideal for a rental property.
Then, prepare a financial statement for your targeted properties with projecting the income for the rental; the cost of buying as well as maintaining the property; and the city, state and property taxes due on the income residence. Next, Check local codes, permit requirements and insurance policies for the targeted properties. Forth, Write an offer on the property and ask your real estate agent to negotiate the sales contract. Last, Open escrow on the rental property.