Step By Step Guide For Buying an Investment House in Athens

You’re looking for a way to make some extra money and have an idea for how: Buying an investment house. Owning a property that you either renovate and sell or rent out to tenants is a great way to build some extra capital and make money. Here is a step by step guide for buying an investment house in Athens.

Know Your Goal

Are you looking to make a little extra money so you can take a few vacations a year? Do you want investment real estate to be your sole source of income? Are you looking to retire early? Answering these questions will help you better plan your strategy for your investment properties and give you a direction when buying an investment house for the first time.

Get Advice

Owning an investment property is a lot of work, and there’s a lot that can go wrong. Talk to others who own similar types of investment properties as you, asking questions about what they wish they knew when they first started, some obstacles they could have avoided, and their best tips for success. Many people are more than willing to share their knowledge with others looking to break into the investment property scene.

Save for the Down Payment

Just as you want to be sure to save for a down payment on the home you live in before you buy, you need to make sure to save for a down payment when buying an investment house. Most experts recommend saving at least 20 to 30 percent of the sale price before you start looking.

Anticipate Other Expenses

The cost of owning an investment property goes beyond just the sale price of the property itself.

In your budget and plans, be sure you include line items for:

  • Property taxes
  • Anticipated and unexpected repairs, especially if you plan to rent the property to others
  • A rainy day fund to help cover the mortgage or other expenses in leaner times
  • Costs of marketing your property to potential renters or buyers

Get Pre-Qualified

Walking into a home showing with a pre-qualification letter in hand can make buying an investment house much easier. Remember: If you already carry a mortgage on the home where you live, you may have to have more cash on hand in order to qualify for a loan to buy an investment property.

Choose a Market

If you plan to purchase your property in a market in another area, be sure you thoroughly research the area. You don’t want to purchase a property that will need high monthly rent in an area where average rents are very low, for example.

Some things you want to check in any markets you’re considering include:

  • Job growth in the area
  • Population growth in the area
  • Average monthly rents
  • Schools
  • Crime rates
  • Access to public transportation, parks, libraries, restaurants, and other amenities
  • Average household income
  • The walkability of the area

Select a Property

Whenever possible, visit all potential rental properties in person. It’s very easy for photos and video tours to hide some of the flaws of a property, and that home that looked great on your computer screen may not be so spectacular once you’re inside. also, don’t just jump in and buy the first property you tour that’s listed for a good price. Take some time to look at your other options before putting in an offer. Have a list of backup options ready, too. Offers get turned down and sales fall through all the time and going back to the drawing board each time just delays your timeline.

Work with the best team of Athens real estate agents when buying an investment home! Contact us today! 706-426-1082

Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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