10 things to weigh before diving into income property

The below text is from a blog post published by Jay MacDonald at bankrate.com.

NBC NewsWire/Getty Images

NBC NewsWire/Getty Images

Time to buy income property?

You’ve been watching HGTV’s “Income Property” and wondering: Is it time for me to buy a rental and become a landlord?

You’re not alone. Between our “Friends”-like economy (“seems like you’re always stuck in second gear”), historically low interest rates, flat-line wages and the mood of millennials to rent instead of own, income property has been on an uptick since the Great Recession.

In fact, for the first time in five years, more Americans are putting their money into investment properties than vacation homes, according to the National Association of Realtors.

Should you? Experts offer a qualified yes, provided you do your homework first.

Here are 10 things to consider before diving into income property.
— Jay MacDonald

Jay MacDonald

Jay MacDonald has been a contributing editor at Bankrate for more than a decade, infusing humor and human interest into a broad range of personal finance topics. A professional writer from age 16, he previously served as a reporter and editor for United Press International in Chicago and Seattle, an account executive for the Southeast division of Hill & Knowlton Public Relations in Atlanta and a media specialist for Honeywell Commercial Aviation Systems in Phoenix. His work has been honored with numerous awards from the Society of Professional Journalists, the International Association of Business Communicators, the Society of American Business Editors and Writers, and Forbes Best of Web. He received a Bachelor of Science degree with honors in Journalism from the University of Colorado at Boulder, where he was the recipient of the Johnson Journalism Scholarship. A native of Seattle, Jay makes his home on an inlet of Tampa Bay, Fla.