I am 20 years old and I want to purchase my first rental property. I have been educating myself about real estate and rental properties for the past couple months. Is there any Advice anyone can give me on how to acquire my first rental property the right way. Anything I should do or don't do. Any advice at all would really help. I live in Los Angeles and I am looking at some properties in Detroit and a couple other cities. What are good cities to buy rental properties with a good ROI.
Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
5y
@Adir Sabag That is great to hear you want to purchase your first rental property!
Before getting started, make sure you establish your "why" in investing in real estate. What goals do you need to establish in order to accomplish your "why"? Do you want to invest for cash flow or appreciation? Do you need the cash flow now? What is your appetite for rehab?
Continue educating yourself on real estate investment. This is a lifelong journey, so don't feel like you need to know everything before getting started.
Start practice analyzing properties everyday. This is an invaluable skill every real estate investor needs to have. No matter if you have real estate agents or wholesalers bringing you deals, you need to run the numbers yourself. Trust but verify!
After practice analyzing deals, you will start to build your own criteria of what to you makes a great deal. You can then start looking for those types of properties.
@Antonio Cucciniello yes I have. I just feel like getting started is the difficult part. Once I purchase the first one I feel like the rest would be easier.