The work begins once you hold the keys. Treat the property like a professional business.
Calculate the Net Operating Income divided by the purchase price to understand the property's efficiency in generating income [5, 15]. 📍 Phase 2: Market Selection and Property Search buying first rental property
Location is the one thing you cannot change about a property. Focus on areas with strong economic indicators. The work begins once you hold the keys
Once you find a property, move with intention but remain skeptical until the data is verified. short-term rentals (higher potential income
Decide between long-term rentals (stability), short-term rentals (higher potential income, more work), or "house hacking" (living in one unit of a multi-family property while renting the others). Apply the "Rules of Thumb":