- Create your goal. Why do you want an investment property? For the rental income, to flip, long term investment? You must be clear about why you want to own an investment property.
- Get your financing approved. Talk to your banker, a mortgage specialist or investment specialist and ensure that you have, or can borrow, the money required to meet your goals.
- Identify the area(s) you want to own property in. Waterfront, downtown, suburbs, rural, etc.
- If purchasing a property that needs some work, who is going to do it? Can you do the work yourself?
- Set up your "team". This includes a lawyer, REALTOR®, contractors, trades people, interior designers/decorators, landscapers, financial specialist.
Real Estate investing, like life, is a journey, not a destination. Have fun, do your research and make money!