The answer is simple…

But I’ll have to ask you to wait for a minute. Just keep reading.

Let me back up first.

I need to you think about a couple of things…

  1. When you think about the population that is renting today, what does that look like?  Just a few decades ago about 21% of people were renting. The numbers kept going up. Today that number is about 45%!  – Tweet  So you know it is a great trend to follow.
  2. What are the millennials doing? The short answer is that they are renting, because they are just getting out of school, have student loans to pay off, need to have a flexible lifestyle so they can follow the job market or their passions, and they are saving up for their first home.
  3. The prices of single-family homes are skyrocketing right now, which means there will be more renters than ever before.
  4. People are waiting longer to get married for the first time and to have children. They want to enjoy their lives while they are young vs. the old way of doing things. That also leans toward the need to rent properties vs. buying.

Once you understand these factors, you know that buying rental properties is a great idea.  The market is there. The money will follow.  – Tweet   So if you consider when the right time to buy a rental property, my answer might be NOW.

But hold up… that’s not right.

Want to know what I mean? Watch this video. It’s short and won’t take you too long.

 

Any time is the right time to buy a rental property!

Oh, snap! Spoiler alert!

The actual answer is…

The right time to buy a rental property is when you are ready.

You have to decide what type of property you want to buy… single-family property or (like me) a cool cashflow-generating multifamily property.

You have to look at the NOI (net operating income).

You need to know a few things about the market you are considering.  – Tweet  

You have to figure out who needs to be on your team if anyone besides yourself.

For example, I need a team because I’m in Barcelona and invest in rental properties in North Carolina. I couldn’t do what I do without a team. Actually two teams; one here in Barcelona and one in North Carolina. I’ve discussed this a few times. So by now you know who is on my team and why. If not, I invite you to go to my Resources page and download my eBook. (The whole story is there.)

As I do often, I am leaving you with a quick question today. Now that you have read this article and watched my video…

Where are you thinking about buying your first (or 18th) rental property and why?

Share your answer in my private Facebook group!

If you have questions about the process of buying rental properties, I’m always here for you. Well, not right here. Rather you can find me online and through my Contact Us tab. I’ll make it easy. Here’s a link:

buttonschedu

You can also check out my latest podcasts and collaborations here keeponcashflow.com/podcasts/