I am 19 years old I attend a local community college, and work as a real estate broker, I was looking into buying a multifamily unit in my city (Fort Morgan) in order to rent out some units and live in one does this sounds like a good idea. ( I have no landlord experience)
Its the perfect way to break in...if it cash flows or at least pays your rent. The other big if is whether you will qualify for the loan. One of the banks favorite questions is how long have you been at your job?
You can learn to landlord as you go along. DO NOT rent to your buddies. For the most part, the older the tenants the better.
Yes, there is a lot to know/learn, but the earlier you start, the better! I saw another young member here post about dealing with tenants as a young landlord and he always told them he was the property manager, not the owner. I think that's a very smart way to deal with your tenants.
Some older tenants might resent you owning the building and take the attitude that there is some injustice in someone as a young as you being their landlord. You aren't lying to them, because that's what you will be, the property manager. If they ask who owns it, just say the owner is a silent partner and that you have to check with them about requests or things like that.
Spend a lot of time here on BP and you will learn everything you need to know to be a great landlord! Don't know if you are listening to the podcasts, but I tell everyone that they are like short courses on different REI strategies. I recommend you start with this one if you haven't listened to it already:
I have been working as a broker for about two moths now, prior to that I have held my previous job for three years, I do not have very much saved up about $5k, and I am not sure about my credit score. I was thinking of doing owner financing, and then get the loan from the bank later to pay off the owner, does this sounds like somthing that is possible to do.
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