Determine Investment Goals
Questions to ask yourself:
- Do I want property that offsets costs through a strong rental market and can be used by me or friends at my convenience?
- Is this property strictly a second home with the added potential to be an investment?
Additional questions:
- Do I prefer more monthly cash flow or less money tied up in the property?
- How much time can I dedicate daily, weekly, and monthly to managing my short-term rental?
- What is my general risk tolerance?
- What is my ability to reinvest in the property based on my life experiences (e.g., family, children, delayed gratification)?
- For military personnel: Am I willing to renovate a property while living in it or use it as a short-term rental while I am deployed?
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