Searching for potential rental properties, where do I start?

[Brandy Morris]

Brand new to real estate. Searching for potential rental properties (low cost rehab properties preferred), as a means to earn passive income while pursuing my doctorate. Where do I start

[Chris Coleman]

@Brandy Morris

First determine your market. If you’re investing where you live, or near there, then okay - you’ve got your market. If not, then research how to find good markets for real estate investing and determine your market.

Then establish your investment criteria. What type of property are you look for (e.g., Single-family, Duplex, are Townhomes okay)? How old or new, up-to-date or distressed? Do you want something that is rent-ready or needs some work? What’s your budget? What’s the minimum Cash Flow that you’ll accept?

If you’re planning on getting financing, secure a Lender, and determine how much cash you have and plan to put into the deal. Even get pre-approval if possible. You do not need to have a property identified in order to simply get a loan pre-approval.

Then connect with a Realtor in your market. If you have the above ready to discuss with them, then Realtors will know that you’re serious and taking action, and they will take you seriously.

In my experience, if you can find a local Realtor who also does Property Management, then they are likely to be more Investor-friendly. It does not mean you have to hire them for property management. But because of their property management experience, they understand working with Investors and can help you along the way.