Hello everyone, I always talk about investing in real estate but I never make a move, now it’s time to take action. I’m very interested in real estate investment. I’m super new I’m trying to educate myself into the real estate language etc... my main focus is to buy rental property, but It would be my first time buying a property. I don’t have a lot of money to begin. I’m trying to invest in Cleveland Ohio starting with a duplex 50k or under.
1. do I have to own a home to buy a rental property?
2. What type of loan would be best for me
3. Do I have to have a real estate license to buy rental property?
4. I will take any other suggestions
Thank you!
1) No
2) Many variables. Talk with a mortgage broker.
3) No
4) I'll refer you back to #2 again. Knowing what your financial capabilities are is a must.
Hello everyone, I always talk about investing in real estate but I never make a move, now it’s time to take action. I’m very interested in real estate investment. I’m super new I’m trying to educate myself into the real estate language etc... my main focus is to buy rental property, but It would be my first time buying a property. I don’t have a lot of money to begin. I’m trying to invest in Cleveland Ohio starting with a duplex 50k or under.
1. do I have to own a home to buy a rental property?
2. What type of loan would be best for me
3. Do I have to have a real estate license to buy rental property?
4. I will take any other suggestions
Thank you!
1. do I have to own a home to buy a rental property?
No, but I always recommend taking care of home base 1st.
2. What type of loan would be best for me
FHA if you buy a personal home 1st. Non owner occupied conventional mortgage if you buy a rental 1st.
3. Do I have to have a real estate license to buy rental property?
No.
4. I will take any other suggestions
As Cleveland was on your short list I figured you'd get some value out of reading The Ultimate Guide to Grading Cleveland Neighborhoods. I also have similar guides that you may want to look over for Kansas City, Missouri. & Birmingham, Alabama.
In addition there are tons of other turnkey markets out there besides Cleveland. Many of these markets are very well represented by sellers & turnkey operators here on BiggerPockets. In no particular order I have listed some of the most popular markets for out of state investors
Each of these markets is popular with turnkey investors because of the low barrier to entry, high rental demand & high rent to price ratio. I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.
One thing to note when looking at the individual markets, you can make or lose money in any market. Don't think that one particular out of state market will shoot you to success or abject failure. It's not really that complicated to buy out of state. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.
@James Wise
Thank you very much for your advise i really appreciate it. I would love to buy my own first but the house market in Miami is sky high, I try last year but I could not find a home that I like because the price is so high. But I’m ready to start investing and later on it will be easier for me to purchase later on. Thanks 🙏