1st investment property
Greetings everyone, my name is Jarret and I am 25. I am very interested in buying my first property in a very hot DFW market. My wife and I are registered nurses and are debt free (other than primary residence). With a little bit of cash in the bank I really want to get started that way I/We can eventually get away from the day job and live out our lives financially free. I would even be open to renting our current residence out, but would have to get roughly 2500-2800 a month in a rural town about 30 mins outside of the Ft Worth Tx. Not sure if I could get that. Any advice directly to getting started or if anyone would be interested in a partnership? What are some do and don’t to a partnership? I feel as if I have analysis paralysis at this point reading multiple books every week on the subject of real estate and really want to get started. Thanks guys.
How did you analyze what you could get with your current primary residence? You should call some local property managers and ask what they would charge for monthly rent if they were managing your house. If the numbers work out and you can cash flow on your primary residence, you should look to purchase a house hack property. Maybe find something that has a detached living area that you could rent out on Airbnb. Then you could continue to build your portfolio with little money down (at most 5%) and grow your experience.
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Real Estate Agent NC (#312479)
- http://www.quietwatersrealtygroup.com
I agree talk to property man angers in your area and ask them how much you could get. I also recommend using rentometer for just quick estimates for yourself then verifying that number or something close to it with a property manager.
as for partners I would go out there and meet people. Plenty of networking events in the DFW area. Two coming up next month actually. A lot of investors are looking for more money. Learn who they are look at their previous deals and talk to other people that know them and see if you two are a good fit. Then get the partnership in writing. Always protect yourself so have an attorney write up an agreement then you should be good!
