Tips for First-Time
Rental-Property Buyers
Question: I'm a student looking to buy my first investment property. I estimate that I can save close to $15,000 this summer, and I'd like to use this money as a down payment on a rental property in a college town. Is this a good time to buy a rental property? What will I need to know as a first-time buyer?
Brian: This is a great time to buy real estate in most parts of the country, and Davis, Calif., is one of the better places to buy. California is facing a housing shortage, and strong demand in college towns makes the shortage more acute in those areas. Interest rates are the lowest they've been in years and, if you qualify, you could get up to a 97% mortgage. What are you waiting for?
What to Expect When Selling Without an Agent
Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent book is "Tips and Traps When Renovating Your Home," (McGraw-Hill, 2000).
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Brian, Davis, Calif.
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