Looking to invest in the rental property market, but don’t know how or if it’s a good idea? The YouTube channel, The Ramsey Show – Highlights, gives viewers some quick and easy advice on whether you should buy a rental property or not.
Should you wish to change your living situation, make sure you have enough cash to make a standard move first and foremost. If you do decide to invest in a rental property, ensure that you have no debt or there’s no debt on that property you’re looking at. It’s a bad idea to become a landlord by default. Investing in rental properties or real estate, in general, should only come second to these responsibilities.
It may be a slower process, but investment property should be bought with cash. If there’s too much debt on the rental property you wish to own, and you happen to lose it all, you’ll be worse off than you started off.
Take your time and invest in properties that will give you a good return on investment. So, should you buy a rental property? It depends. Don’t rush into it, and keep a healthy reserve of cash on hand.