Michael Santos

MLB Residential Lending

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First-time Real Estate Investor? Here Are 3 Helpful Tips That Will Get You Started

April 8, 2015 by Michael Santos

First-time Real Estate Investor? Here Are 3 Helpful Tips That Will Get You Started Real estate investing comes with many benefits that you may be eager to start taking advantage of. For example, the right rental property can provide you with monthly cash flow coupled with equity appreciation, tax deductions and more, and these can have incredible effects on your overall financial situation. As a first time real estate investor, you may be excited to start searching for a property to invest in, but you may consider following a few helpful tips to make your search more successful.

Determine Your Budget

There are investment properties that range in price considerably, and you will need to know up-front what your budget is before you can begin your search.

The right real estate investment will generate revenue to pay your monthly mortgage payment and expenses, but there may be months when your property is vacant. Therefore, in addition to thinking about the amount of down payment that you can afford, also think about how affordable it will be to manage property expenses when the space is vacant.

Consider Different Communities

You may consider being flexible regarding the communities that you invest in. Each community may have a different economic base and primary demographic. For example, some towns or even suburban communities may be largely comprised of college students or military professionals. Think about the benefits between the ease of finding new tenants versus the benefit of having long-term tenants.

Analyze Cash Flow

After you have found a few properties to consider, it is important to analyze cash flow. Each property will be unique with regards to the required mortgage payment, income generated, property taxes and even repair and maintenance needs. While you can estimate these expenses initially, you should request historical operating statements from the sellers early in the process. You will find that some properties can be considerably more profitable than others, so it is important to complete a thorough analysis.

When you are preparing to make your investment, consider following these tips, and seek the advice of a helpful mortgage advisor who can guide you in the right direction.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Home Buyer Tips, Real Estate Investing

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Top Loan Originator Since 2001

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Michael Santos NMLS #199875 • MLB Residential Lending, LLC. NMLS# 1101220. Michael originates NJ loans only. MLB Residential Lending, LLC. is located at 51 Commerce Street, Springfield, NJ 07081, 732.243.0140. MLB Residential Lending, LLC. NMLS#: 1101220 is a residential lender, licensed by the NJ Department of Banking and Insurance; licensed by the PA Department of Banking and Securities; licensed by the CT Department of Banking; licensed by the DE Dept. of the Banking Commissioner; and is licensed under the FL Mortgage Lender Service License # MLD1128. All rates are subject to change without notice. MLB in no way, claims to represent or to conduct business on behalf of HUD, the FHA or the Federal Government. This site is not authorized by the New York State Department of Financial Services. THIS SITE IS INTENDED ONLY FOR NJ CONSUMERS.

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