I recently joined BP after stumbling upon the realization that real estate investing is very interesting to me and that it can help set me up for the life I want to live.
I just moved to Vegas about a year ago, already knowing I wanted to buy a house and eventually rent it out when I got stationed somewhere else. A close friend of mine also decided to buy a house so we recently hatched up a plan in which I move into his home (with his wife and sister-in-law), and rent out my house. This is huge to us because I'm getting to get started on my dream much, much earlier than I would've been ordinarily and he's getting a huge chunk of his mortgage paid down .
I come to y'all today for any tips/tricks/advice/wisdom you have to offer to someone who's brand new to the game, from marketing my home for rent, to dealing with tenants, to legal things to look out for, the whole 9 yards!
I've already learned so much from stalking the forums and I appreciate all of you!
@Johnny Potts Congrats on getting started!
My first question would be does your house cash flow? Have you done that analysis?
@Antonio Cucciniello thanks! I haven’t used the bp insights tool to run the full analysis yet so Im just spitballing but judging by the rentals in my area, I think it should, at least a little.
Definitely need to double check that now that you mention it
@Johnny Potts This is arguably the most important thing you can do!
I think the easiest way to start would be to call a couple property managers and so them. If I decided to rent out my property, at this address. How much rent do you think you would collect and what would your services cost me. In other words, what would I net? We often go back and forth on whether property managers are worth it. But in today’s reality of eviction moratoriums and changing legal landscapes, I think you would benefit from one to get started. Especially if you plan to keep he property after you leave the city.