Many Oklahoma residents have investment property or are considering buying investment property. Investment property can be a good way to increase a family's income and diversify their portfolio. There are many landlord-tenant laws that must be followed along with other things to keep in mind when thinking about buying investment property.
With the decrease of available homes on the market, rental properties have become increasingly hard to find. This can be a good thing for those who are considering purchasing rental property. Some things to keep in mind for potential buyers include making sure they have a large down payment of at least 20% or more in order to secure a good mortgage rate. If a buyer is handy and able to fix things themselves that can also save quite a bit of money. A person just starting in investment property should start small, like a single apartment or condo, instead of purchasing a large home that needs a lot of repairs. Also, take into consideration the cost of property taxes and the time needed to get the property ready to rent at which time it is not producing any income. Finally, a real estate investment trust (REIT) may be a good option for those who are not ready for the challenges of investment property ownership.
Investment property ownership can be a smart investment for many Oklahoma residents. A legal professional skilled in real estate can help a potential investor make good choices regarding rental property and answer all their questions. They are well-versed in Oklahoma landlord-tenant law and can advise their client on any landlord-tenant matter. These issues are best left to the experts who can help with the challenges that real estate may bring.
Owning investment property is a smart investment for many Oklahoma residents. But investment property can also bring disputes and confusion. A real estate attorney is a good resource for landlords in making sure their legal rights are being met.
Source: money.usnews.com, "8 things to consider when buying investment property", David Schepp, March 10, 2016