How to start with rental properties

Question

Hello guys. I’m in south Florida. I always wanted to start in real state, with rentals, however, I don’t know how to start. I don’t know how much money I need to start, and what to do next, if I need to get FHA approved or stuff like that. Can someone please help?

Account Closed · Answer

@Floyd Fajardo

How can I find that?

Account Closed · Answer

@Victor So thank you so much. FHA was just one example. I’m not sure if that’s the only one. I mentioned FHA because when I was trying to buy a house, I got approved for an FHA.

I’m regards my net worth, that’s an issue. I have no money saved, I have just found a job after COVID-19, and I’m about to start in June... I got laid off in March. But I’ll work on saving some money so I could start.

Thank you. At least you gave me a direction that I can focus on.

Floyd Fajardo · Answer

@Glenn Vallias

I just googled and found one in my area and networked from there. Or you can find local events on BP under the network section.

Floyd Fajardo · Answer

Definitely helps to have a mentor guide you through it all. Attend your local real estate investor meetups and network from there. That has been a huge help for me!

Good luck!

Victor So · Answer

@Glenn Vallias

Hey Glen! Glad you want to get into househacking! It’s been amazing for me! And I’m sure it’ll be amazing for you!

First, I would find a lender who could pre-qualify you for th fha loan. He can tell you exact how much you qualify for. Then, you can think about what property type you want to get in and discuss this with a good real estate agent who is preferably an investor himself so he can guide you through the process.

The lender will always ask these 4 things so get these things in order:

1) Have you had a stable income/job for the past 2 years?

2) Do you have enough reserves in your savings and/or retirement accounts?

3) What is your income?

4) Do you have a good credit score?

Have these answers ready and get in contact with a lender soon!

Hope this helps!