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How to Purchase Your First Lakewood Rental Property

Owning a rental property can be an intimidating and expensive job. However, you can buy your first Lakewood rental property in a short time with a systematic approach. Getting a rental income to supplement your income can be helpful in reaching your life goals. Below are the primary components to locating and buying your first rental property.

Placing a Sign on Your First Rental Property in LakewoodResearch

Collect as much information as you could about the area you plan to invest in. Look for key features of the area that might attract tenants, such as a park, shopping, a nice view, or distance to public transit. Additionally, you ought to research about mortgage rates and tax laws so that you can get a reliable estimate concerning how much you have to budget for your future investment and monies needed for down payment and mortgage costs for your first Lakewood rental property.


There are a large variety of options you can use when hoping to finance. Rental property loans or finance options can differ from those available to owner-occupied property mortgages. Here are some different financing option types you could consider:

  1. Cash – use cash to acquire a rental home
  2. Mortgage – pay a down payment and then monthly mortgage payments
    Note: there are plenty of mortgage types; do your homework to make certain the loan matches your finances and needs
  3. Portfolio lenders – access an adapted portfolio of mortgages available with flexible terms specialized for property owners
  4. Federal Housing Administration (FHA) loans – While FHA loans are intended for those planning to reside on the property, there are a number of options available that permit FHA-financed homes to have more than 1 unit (maximum of 4); you could live on the property while also offering a rental property unit using FHA
  5. 203K loans – this loan factors into the loan amount the cost of home improvements and repairs; this can be helpful when looking to renovate and rent a property out

Find a Property

Partner with a local real estate agent to know where there are properties available in your targeted area. Have an overall idea of the specifications of the property and how much you are ready to spend. Make certain to set expectations and limits when property hunting. Once you reach the right purchasing point, you can work out your long-term profitability.

Property Assessment

An essential step in the process not to be missed is to have a property assessment of the property to determine if it is livable as well as what needs to be repaired or changed to make the home rent ready. Prior to buying, you can ask a Real Property Management office to assess the rental property to give advice about its rentability and to make suggestions for improvements and so on. They can also recommend a certified home and pest inspector if there is a need for one. Within this crucial step, you can find an estimate for the property’s current performance and potential performance.

Would you like a free assessment of your potential rental property? Please contact Real Property Management Sarasota & Manatee today by filling out the form online or calling us directly at 941-261-0005.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

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