Rental Properties

[jabsveg276]

How should I start? I currently work a job and I save most of my money. I want to get into real estate soon. Tips? (I’m currently binging podcasts, youtube videos and taking notes). I want to break the 9-5 cycle so I can be free.

 

[486th President]

Save most of your money don’t buy things that will distract you pray and learn more about real estate

 

[Abdisamad]

I heard being a landlord is pain in the ass.

 

[Ras]

Save save & build up your credit score.

Finance a car to proof you could pay something off. In the meantime put away $500/month for 5 years and you'll have enough for a down payment and closing fees.

Less is needed if you buy a fixer upper and you're ready to get your hands dirty fixing it while living there.

Even less is needed if you get a FHA loan. Only 5% or less is needed for a down payment.

Another option is owner financing like lease options and other creative financing methods.

Before all that you still need a ton of cash.

 

[jabsveg276]

Save save & build up your credit score.

Finance a car to proof you could pay something off. In the meantime put away $500/month for 5 years and you'll have enough for a down payment and closing fees.

Less is needed if you buy a fixer upper and you're ready to get your hands dirty fixing it while living there.

Even less is needed if you get a FHA loan. Only 5% or less is needed for a down payment.

Another option is owner financing like lease options and other creative financing methods.

Before all that you still need a ton of cash.

thanks brodie, I’ve been researching for a little while. hopefully I will get my first property before the end the year. It has good cash flow and it is a duplex, but it needs to be fixed up so the value can go up

 

[jabsveg276]

I heard being a landlord is pain in the ass.

not if your organized, you should be super organized

 

[Ras]

thanks brodie, I’ve been researching for a little while. hopefully I will get my first property before the end the year. It has good cash flow and it is a duplex, but it needs to be fixed up so the value can go up

If you're already that far ahead then make sure to get pre-approved by a broker who has your back. It'll give you an advantage when competing against "cash buyers" with lower offers.

Also if it's really a great deal then it would've been taken already. If something is too good to be true then it's usually is.. especially duplexes.

Spend a $50 or so and find out if they're any liabilities or liens on the property from a title company.

 

[jabsveg276]

Save most of your money don’t buy things that will distract you pray and learn more about real estate

well duh, I have almost 10,000 saved up. I

If you're already that far ahead then make sure to get pre-approved by a broker who has your back. It'll give you an advantage when competing against "cash buyers" with lower offers.

Also if it's really a great deal then it would've been taken already. If something is too good to be true then it's usually is.. especially duplexes.

Spend a $50 or so and find out if they're any liabilities or liens on the property from a title company.

yeah i’m planning on doing that. I want to have a lot of rental properties soon. I’ve also started a business. Life is goood. Maybe if I become rich, I can buy my mom and brother a house and nice cars. My future children will eat good

 

[repo]

An odd time to buy property, no?

 

[jabsveg276]

An odd time to buy property, no?

kinda, but if I don’t start now, I’ll never start.