If you're a wholesaler, real estate agent, or broker looking for the next big investment opportunity, there's a lot to consider when purchasing rental properties. The market is changing so fast these days that it can be hard to know what the best strategy is for your business. However, with some sound advice and careful planning, you'll find yourself well on the way to building a profitable empire in no time! Here are 10 tips for buying rental properties without breaking your budget:

• Keep a close eye on property values in your area. In the investment market, location is everything; you'll want to be able to tell whether or not investment property is in an area that is appreciating in value.

• As with any investment opportunity, it's important that you have time and energy to commit to maintaining rental units as well as finding new investment properties. These are long term commitments.

• Rental investment properties are a bit different than other investment opportunities. Yes, you're looking for a property that is being sold below market value. You are also looking for a property that you can rely on continual income each month. Moreover, you’ll want to be able to increase the income per month.

• Purchasing investment property can be an excellent way to diversify your portfolio and make some extra cash on the side. If one property is no longer profitable, you have other investments that can continue to give you income.

• Consider investment property such as a duplex, triplex, or fourplex. Each unit usually warrants a different rate depending on size, view, and other factors. Tenants are willing to pay more for more features.

• Be sure to keep your investment properties up to code so that you're not at risk of losing the property, are getting cited by local officials.

• Protection for yourself is also important. A landlord insurance policy is a good investment to protect yourself from any potential issues, such as damage and theft

• Consider loan options to make purchasing investment property easier on yourself financially. There are different types of loans available for investment property purchases. You’ll want to learn cap rate and other metrics so you can speak intelligently with lenders.

• Vacant properties are great, but also be wary of rehabilitation costs. Sometimes repair costs far exceed the time and money that you would get back. It just depends on how much it will take to bring a vacant or abandoned property to livable conditions.

• Bank foreclosures are common, and can be a great source in finding properties. These are immediately below market value, and more often than not, can be rented out steadily.

If you're looking to purchase rental properties, this blog post has 10 tips for buying without breaking your budget. From understanding the market changes to finding a great broker who knows what they are doing and can help guide you through the process - we've got all of it covered in our article! Have any questions? Book one of our consultations today!