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Have you ever thought about buying an investment property on your own? If you have, it’s important to understand the ins and outs of investment properties. There are a few main factors to consider before your purchase:

1. Location
2. Down Payment
3. Insurance

Location: The neighborhood should positively impact your home’s value and attract tenants or tourists. It’s crucial that your property will be able to generate enough income to comfortably cover your expenses for the property, such as your mortgage, property taxes, repairs or HOA fees.

Down Payment: Investment properties require a higher down payment if they are not owner-occupied. Typically, it is a minimum of 20% down, but it doesn’t hurt to put more down if you are able.

Insurance: Rental property or landlord insurance covers property damage, protects again liability and lost rental income. A business owner’s policy is common with vacation rentals, since you’re basically operating a mini hotel.

Have you ever noted “Current Use” when viewing a listing on line?  What does Current Use actually mean?  The current manner which I am utilizing the property?  A common thought but, not the case.

Whether it be land or a home, property can be classified as such.

Working by referral is all about trust. Relationships are more important than transactions. Many agents in the marketplace take a transactional approach when it comes to sales. What does that mean exactly? It means they will identify a client, close the deal and then move on to the next one. At Locke Associates, we choose not to work that way because we want to build relationships with our clients. We believe the client deserves more from the professional that they decide to work with.