Income Properties For Beginners. Many factors influence whether a property is a good investment including: The location, the sales price, and profit expectations. For a first-time buyer interested in acquiring rental properties, the key to successful investment is becoming educated about the real estate market in general and the specific properties of interest. When budgeting for the purchase of an income property, take into consideration the additional costs such as maintenance of common areas and general wear and tear. Hi, I’m Rich Barnes, owner-broker of Realty Experts in West Dallas, Wisconsin, 53214. You need to access financial and professional resources, and take a realistic look at your finances to determine precisely how much money you can afford to invest in an income property. If taking out loans is a possibility, be sure to consider interest rates. Document the address and sales price of income properties in your price range, pursue websites, or obtain more comprehensive lists from real estate professionals. Next, research rental rates of comparable homes. U.S. Rental Listings, a real estate site for sellers and renters, suggest, finding the rental rates of comparable homes by conducting a search in online rental property website. Tour the inside of the potential websites, assess the condition of the floors, appliances, the walls, and other features that are most prone to wear and tear. Plumbing Maintenance Tips, a home repairs site, notes that wet spots on the floor and the walls, and the appearance of mold, are signs of plumbing problems. Estimate the cost of necessary upgrades and repairs, if possible hire a licensed inspector to examine all the potential investment properties. After you’ve done the necessary research, make an offer on the properties that fit your budget and your goals. Have your real estate agent make the offers on the properties that will fit your budget and your goals. If you have any questions on income properties, or real estate in general, feel free to reach out. I’m here to help. Thanks, and you have a great day.