RealtyTrac reports that February is one of the best times to buy a home, and with mortgage rates continuing to inch up, the perfect time to invest in a second home as a source of rental income could be right now.
But buying a second home for investment is a big financial decision that can be intimidating without the proper knowledge. To better prepare you to take the plunge in purchasing a rental property, I have put together some key factors to consider.
For example, can you pay to furnish it, and does it need any repairs? You should also have some financial reserves in case the home isn't rented continuously and when it needs to be unoccupied for repairs after long-term tenants vacate.