With the price of housing skyrocketing in many areas of the country, wages not keeping pace with the cost of living and high student loan debt among Millenials; not everyone can afford to get into the real estate market at all let alone purchase a rental property. For those who can afford to purchase a property for rental purposes, there is the potential to earn a healthy monthly income because of the high demand for rental housing. Still, choosing the right rental property to purchase is important. It is advisable to perform a valuation analysis of real estate rental properties before making a purchase.
When selling property on the open market, a real estate agent and legal team handle the property title transfer. When transferring a property title to a friend or family member without selling the property, however, there may not be the incentive to hire a real estate agent which means a necessary understanding of the process. Every state has its own specific variations for the process but the main rules remain the same across the board.