Buying First Rental Property -

Renters are attracted to areas near public transportation, parks, and grocery stores [8].

Expect 50% of your rental income to go toward operating expenses (excluding the mortgage) [17].

Include often-overlooked costs like landlord insurance, property management fees (typically 8-12% of rent), and a "vacancy fund" (5-10% of rent) [5, 10].

Look for regions with low property taxes, growing job markets, and high-quality school districts.

Starting your journey into real estate investing requires a shift from a "homebuyer" mindset to a "business owner" mindset. Success depends on rigorous financial analysis and a clear strategy for property management. 🏗️ Phase 1: Financial Preparation and Strategy