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Here's how so many new investors get tripped up by low-income properties that look. Buying and managing rental properties in bad neighborhoods can be a.
You may want a real estate agent to help you complete the purchase, but you should start searching for a property on your own. An agent can bring unnecessary pressure on you to buy before you have.
THE FOOLPROOF FORMULA FOR BUYING INCOME-PRODUCING RENTALS. Property must generate at least a 15% ROI, cash on cash. That means the rent minus the debt (if mortgaged) and expenses must equal 15% or more. For example, a $20K down payment would have to yield at LEAST a yearly cash flow of $3,000.