Updated 11 months ago on . Most recent reply
Ready to turn 10K into rental properties
I am just starting out new in my rental property venture. I have a buyout coming from my house of $13K. I need to find someone to learn how to turn that into 1 hopefully 2 rental properties. I have done property management and a veteran of the Navy. It is time to get my money working for me and growing. I can navigate Rock County and Walworth County the easiest. Love a commercial building and even find investor to fund remodel if I can get the building. Thoughts on any best way for any kind of properties?
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#3 Managing Your Property Contributor
Start by talking to a bank to find out how much you qualify to borrow. For rental properties, you are going to need 20% down, so $10K is unlikely to be enough in most areas.
As for what to buy-you mentioned selling your house-where are you going to live now? If you haven't bought a place, why not look at a duplex or a place with a legal suite where you can live in one part of the property and rent the other part?
Look for a good place-somewhere you'd feel safe living. Don't buy the cheapest place as on paper it may look great, but in reality you will have higher turnover, lower quality of tenants and more problems-plus it won't appreciate in value as much.