How to buy an investment property

Right now the are plenty of opportunities to invest in real estate but you must be prepared.
Decide on what type of property you want - single family or multi-unit. Chose the area of interest and type of the housing (3/2, brick, etc) Ivestigate market rent in the area. Secure financing first!! Go to the bank, mortgage banker and have your business strategy laid out on paper. You will most likely need a 10-20% downpayment to secure an investment property loan today. This is probably the most important step! Once you find a deal - be ready to act quickly! On most foreclosed properties you will have to submit a Prequalification Approval Letter with your offer OR the bank will not look at your offer! Having an agent who you trust and rely on is going to make a difference whether you get the property you want.