If you are doing the investment in rental property, you can do that in a much more profitable way and generate great passive income. But, it needs proper planning and execution. Here are the basic steps for rental property investment:
Decide how much budget you have for rental property and what returns are you expecting.
Set your Budget and goals
Research different segments of the neighborhoods and markets and then figure out the rent, vacancy rate, and appreciation potential of many different types of property.
Choose Property Type and Market
Search for properties according to your requirements, do price negotiation and check out terms and do finance secure from the main lender and the partner.
Searching and Financing the Property
Either handle the task to a property manager or you can also search for the tenants by yourself, rent collection, maintenance of property, rules & regulation compliance.