Buying First Rental Property

4 Replies

Hi Everyone,

I am looking to start buy my first rental property in Lincoln, Nebraska/ Preferably residential for the first purchase but open to multi-resident if it's the right property. In general what are some tips from experiences land lords on what needs to be taken care of from the beginning?

Thank you all in advance!

RE is a local business, very local indeed. Each state, city, neighborhood is very different. I would start by going to a local Real estate investor meeting and invite a experience landlord to lunch/dinner and ask them if they need some help.

There is always this ultimate beginner guide to help you get started

http://www.biggerpockets.com/real-estate-investing

First know how to run the numbers. There are a lot of hidden costs in real estate. Most people don't plan for them when they are new. This is often what causes new landlord to get burnt out so quickly.

A good saying about land lording is either you train you tenants or they train you. In other words you have to be strict with them.

Search the forums here. There has been a ton of great advice and lots of threads about tenants. Good luck - Ned

You should start thinking about your policies, since you will need to know when you start getting calls from prospective applicants. Do you allow pets? Pit bulls? Do you accept felons? Is a prior bankruptcy OK? How many people? What if I'm self employed or have no rental history? etc etc etc. Never too early to start pondering your criteria.

@Jessica Monroe

Welcome. Fill in the foundation below. Your local affordable housing office will offer free or low cost landlord training as a start.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.