What's the minimum amount of money i need to buy a house to rent

8 Replies

I live in England and want to buy a house to rent it for passive income. I'm 21, not had a credit card before. I'll need a loan and investing in real estate agents. 

Whats the minimum I need to get started? (Roughly as obviously it will vary place to place and for what I need)

There are ways you can get into a deal with no money down. 

  • Joint Venture with an experienced investor
  • Make yourself valuable ( bring something to the table other than money)
  • Owner Financing deals
  • Wholesale homes.

I recommend reading the NO Money Down book on Bigger Pockets, ( No plugging intended ) great book for giving ideas on creative financing .

as a foreigner you will find it next to impossible to get a loan.. so that's the first thing.

second is you must be very careful.. there is a ton of fraud goes on selling US properties to foreigners.. 

choose wisely mate..

I would also highly recommend this book if you are just starting out. Another great book is "Set for life". These 2 will give you a good basis to develop a plan how to raise money and how much you will need.

All the best to you,

Patricia

@Michael Dobson There is a saying for this:  "Great initiative, bad judgment."  You are way ahead of most 21 year-olds, but this will not end well.  You:

  • live on a different continent
  • are young 
  • have no credit
  • have no real estate experience
  • are in a class of investors that as @Jay Hinrichs pointed out is highly targeted in scams

If 10 people like you attempted this, 9 would fail. I love the can-do spirit of this website, but encouraging this is reckless.

Get some experience in UK buy-and-holds before attempting it on the other side of the Atlantic.  This will give you a base of knowledge to know the basics, what questions to ask, how to avoid fraud.

Start learning, make a plan to gain knowledge and experience, begin executing on that plan. 

I have 3 houses in doing a Sandwich lease option on right now that I didn't put any of my own money down or still put into. It's a great way to learn landlording, get great cash flow, and not use your own money if it's a good deal. check out YouTube