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)
That's like asking, "what's the minimum amount of money I need to buy a car".
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 .
This read like a, “Can I haz property?“
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,
@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.
No credit, no loan. Right now 100% down or a rich dad.