Considering buying a cabin or vacation home?

With the astronomical housing prices in San Francisco these days, buying a home is nearly impossible for those of us who aren't billionaires. Instead, I am considering continuing to rent and also buying a much less expensive property or cabin outside the city. There are some properties within a few hours of here that could be a lot of fun and a good investment.

Are you thinking about buying an investment property this year? If so, here are a few tips:

• Know where your credit stands - Your credit scores play an important role in the mortgage financing process. The better your score, the more you can save on your loan.
• Talk to a tax adviser - Understand your options and the tax impact of buying before you start shopping around.
• Crunch the numbers - Use free online loan calculators to estimate your payments, loan choices and affordability.
• Choose the right kind of loan - This article outlines and reviews 27 common mortgage types.
• Find a real estate agent - You can compare realtor rates, fees and experience using this free system online.
• Get pre-approved - Work with a lender before you start shopping around. This will help you understand how much you can buy and will speed up negotiations.

You can read more about financing your first investment property in this great article by Gerri Detweiler. Share your tips and feedback in the comments section below!