Becoming a first time landlord?

[Nae Bell]

Hello BP peeps,

I recently tried to get more information about buying property and flipping it for rent. The more research I did I realized that most of the flips discussions were talking about flat out selling after fixing it up. How do I get started in becoming a landlord and renting out a small multifamily home? This is for Albany, NY.

[Nathan Gesner]

The term "flip" or "flipping" refers to the act of buying a property, renovating it, and then selling it for profit. You are not flipping so that term doesn't apply.

What you're referring to is "buy-and-hold". You will buy the property, renovate it, and then rent it out. This is commonly referred to on BP as the BRRRR (Buy, Renovate, Rent, Refinance, Repeat) strategy. Try searching for BRRRR topics or watch a few podcasts to get a better understanding of the basic terminology then jump on the boards for specific questions.

BP has a couple books that may interest you. You can find them in the STORE: The Book On Rental Property Investing or The Book On Managing Rental Properties