19 years old/ tips on my first rental property! Located in NNJ
I'm 19 years old from North New Jersey looking to buy my 1st rental property soon. I've done my research reading books, listening to podcasts, and watching YouTube videos and I think that buying a property during COVID19 would be a great time to buy as there will be many foreclosures in the next 6 to 12 months. I'm open to any suggestions you can think of from my real estate team all the way to where I should be buying and when. Glad to be here!
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Hey Tanner, I'm 18 years old and on the same path as you are. When fear come there is always opportunity; When considering a type of financing see if you can do a HardML, or do a fha 203k loan where you will also have money for renovation cost on these distressed properties. Add some addendum verbiage or get rid of contingencies when sending your offer so you can get rid of all the flippers. When building a team make sure that you agent/broker has a portfolio most know nothing about investing and learning all the metrics. Approach all the brokerages asking for their best agents to work with also! Most agents know contractors and everything is just word of mouth from that point.