Single family homes can be a great investment!
They are often far easier to manage than multifamily, they usually rise in value fairly quickly, and there are numerous ways to finance such a purchase.
But for most people, the process to buy a single family home is still too confusing.
That’s why today I decided to boil down the process for buying a single family home intoseven distinct “vital steps.” Use this guide as a sort of “road map” for your future as you search for and buy your next single family home.
Let’s get to the seven vital steps to buying a single family rental home!
1. Do Your Research
There are a LOT of single family homes out there.
According to Census Bureau: 133,957,180.
So, when you decide that you want to buy a single family rental house, you need to narrow down the options just a tad. This is why the first step is research.
Now, research includes two different categories:
- Education: Do you know what you are doing? If not, there are plenty of articles,podcasts, webinars, and books here on BiggerPockets that can help you with that.
- Location: Do you know exactly where you want to buy? This will dramatically help you narrow down the possible choices.
I wish I could simply tell you the best kind of single family rental house to buy — but I would be lying.
Because I don’t know you!
The perfect investment is one that helps you best accomplish your goals. (Tweet that!)
So what do you want? Start there and work backward.
- Maybe you want to buy just a few really nice houses in really nice areas, and wait for appreciation to double the value of those homes.
- Maybe you want to buy low-income housing and let all the cash flow allow you to quit your job.
- Maybe something in between.
The point is you need to do some research before you jump in. But assuming you’ve done that, or at least are doing it, let’s move on.
(click to continue reading on BiggerPockets)
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