Should You Buy a Second Home or Income Property?

Rudy Kubasta October 7, 2014

1190 Having a second home can be a great investment and enticing while both interest rates are low and home rents are increasing. How do you decide if it's right for you? Income property You might be considering buying income property. Remember that the IRS considers income property a business that has tax ramifications. Be sure to check with your financial advisor or retirement planner before investing in property that you plan to lease or rent. Rental property ownership requires ongoing expenses, including taxes, maintenance, mortgage payments (especially if the property sits empty), repairs between renters, insurance, and other costs. Income property ownership may provide ongoing income and be a great investment, but consider all the expenses before jumping in. We can help you find properties with positive cash flow. so be sure to let us know that you are looking for investment property be it residential, multifamily apartment complexes or commercial. RK can also provide property management for your new investment. Making ownership of those investment properties carefree. Other considerations Before investing in a income properties and especially before financing them, review the potential for your situation to change. Is your job secure or could you be moved across the country? Do you have extra income to cover those empty months? Is the property in an area prone to natural disasters? We can help you determine the best investment opportunity for your situation, so call RK today and we'll get you started in the right direction.  

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