The housing market has recovered considerably since the crash. Homes are now back in high demand, and – thanks to stricter lending practices – the likelihood of another crash in the future has been drastically reduced.
For investors, this means that now is a great time to consider purchasing a rental property. Home costs are higher, which means that fewer buyers are able to enter the market, yet interest rates are low and homes are expected to continue to climb. For those considering a rental property, this means:
This is the perfect scenario for buying a rental property. The only problem is that the stricter lending practices means that buying a rental property is not as easy as it once was. If you hope to purchase a rental property, consider the following tips:
Every town, home, and borrower is different. The best thing you can do is work with a loan originator, and try to find solutions that make the most sense for your portfolio. Contact Open Mortgage today to get started.
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