Are you thinking about buying your first rental property? Being a landlord can be a challenging experience. There are many things to keep track of, and one mistake can cost you.

In our latest post, we have put together a checklist for the process of buying a rental property, the process of screening your tenants, and a list of how to manage once you are officially a landlord!

• Have Your Finances In Order - You should know your credit score and tend to any negative marks before you apply for a loan. You don't want to find out after finding your dream home that you can't afford it.
• Set Your Limits - What can you afford to spend? Don't compromise here. Struggling to make your mortgage payments will take the joy out of owning a home.
• Research - Talk to investors, read as much as you can, study your market's trends, and consider buying a course. The best investors never stop learning.
• Take Notes - Take detailed notes of each property you see. Many people will use a chart to easily compare bedrooms, bathrooms, prices, and other variable features of a home.
• Hire Professionals to Help - A first-time investor should never navigate the process alone. Enlist the help of professionals to help you along the way.
• Buy Below Market Value - To help guarantee a return on the property, you should try to only purchase properties that are listed under market value. If you aren't able to get the lease payments you are after, at least you will be able to sell the home for more than what you bought it for.
• Calculate a Property's ROI - To calculate ROI, the net profit of your investment is divided by the amount of money you have invested. The results are expressed as a percentage or ratio.