My name is Marcus. I am new to this site. I was recommended by someone who own 14 rental houses in my city. I am only 27 but have a decent amount saved. I am thinking about getting into buying a house on auction and renting it out, maybe section 8 or to students in the area.
Any advice for someone starting out? Can it be done with about 10-13K?
It depends on where you are buying your properties. In my area, I could pay 20% down, get a conventional mortgage, and make some improvements to a property that cashflows $300/mo for $10k My story doing just that.
Why are you buying the property? Cashflow each month, or hoping that it will appraise and you sell it later?
If it's cashflow, you can run the numbers and decide if it's going to work for you or not with each property. You'll have to do a little bit of research, but if you can fill in the numbers you can get an estimate of cashflow by using:
Gross Rent - PITI - repairs = cashflow
Depending on your way of thinking, you can decide if it meets your criteria of a good investment. Do you follow the 50% rule , the 2% rule, or do you just want a property that cashflows $X/mo?
As for other tips, I'd suggest listening to the podcast
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