If you're looking for a way to create an alternative income stream, real estate investing is a good choice. Many of today's markets are providing good returns as the economy slowly recovers. But a first-time real estate investor can face some pitfalls if they are not careful about how to approach this new venture. Here's a handy guide to 4 of the most common mistakes and how to avoid them.
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Do you picture your landlord pocketing your rent every month and despair of ever owning a home of your own? The Federal Housing Administration (FHA) may have your ticket to home ownership, even if you have little to no money for a down payment. This government-sponsored home loan program offers loans that are custom made for people who have less-than-perfect credit but have a dream of putting their hard-earned dollars toward a mortgage instead of rent payments.
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Although your pets may be part of your family, they can make it more challenging to sell your home. Whether you own cats or dogs, even home buyers with pets may be wary of hidden issues when it's obvious a home also houses animals. The following tips can help you alleviate concerns so your furry friends don't cause a deal to fall through.
Tip #1: Consider a temporary relocation
If you have a friend or family member willing to care for your pets while the home is on the market, then by all means take advantage of this.
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Whether you've bought apartment buildings as investments or rent several one-family homes, a solid property-management company can offer you a great deal of help with building maintenance and resident interaction. However, if you have no experience with this kind of company, you need information that can help you make the right choice about which management business is best suited to you and your properties. Ask the following questions to get a better idea of what a particular company might offer.
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Living with your grandparents may not seem like the thing to do as an adult, but sometimes living with family can be an excellent arrangement. If you are ready to set down roots and build a home, you may be interested in bringing your aging grandparents to live with you. If your grandparents are still active and not interested in a retirement home, they may be looking for a place to live near family.
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