How to start in rental properties

Question

Where to start??? I’m from Florida and want to get into rental properties I have no formal training, I’ve never done anything like this??? Any feedback would be most helpful

Chris London · Answer

@Ebony Brown I started out, like many on BP in the following order:

1) Listen to 'Rich Dad, Poor Dad to find your motivation

2) listening to the BP real estate podcast to find what avenue or real estate investing speaks to you.

3) Surround yourself with people that share a common interest.

Good luck!

-Chris

Ebony Brown · Answer

@Bridgette Delva thank u a million I’m on amazon now looking for the book thanks for the recommendation I greatly appreciate it

Bridgette Delva · Answer

@Ebony Brown attend all of the free BP webinars you can fit into your schedule.  In addition to the RD/PD book, I'd read his Cash Flow Quadrant book as well.  That was a great book for us when we were in the beginning stages.

Ebony Brown · Answer

Thank u I’m also saving a chunk outta my paycheck to get started I’ve read rich dad poor dad and I’m going to get the beginners  guide

Aidan McGee · Answer

@Ebony Brown

I am in the beginning stages of REI, as well. I started with reading books like Rich Dad Poor Dad, How to Invest in Real Estate (beginners guide), and listening to BiggerPockets podcasts. From there I have been putting a large portion of my paycheck away for future investments. I also recommend joining your local REI meetup, there are tons of people you can learn from! The route I am going to take to start, and many others recommend is house hacking. You can do this with a single family residence or a small multifamily. You have already made a big step by joining BiggerPockets, so congrats and good luck ok the journey!

Ebony Brown · Answer

Hi, I want to start with a single family home preferably a turn key and eventually move to multi units

Peter Baudendistel · Answer

@Ebony Brown

What do you want to do, exactly? Single family, multifamily, syndications, land deals?  It's important to know what end you want to serve, why are you moving forward? Often times that is more important than the how.

Personally, I got started house hacking. My wife and I airbnb'ed our personal residence.  We then bought a turnkey home in the Midwest.  Then upgraded our primary home into a larger house with a rental next door. Two more turnkey homes later, and I'm still house hacking with an offer on another SFH I plan to manage.

I've had several contracts fall through, both on SFH and MFH, just got to pick a place to start and begin talking to people. Offers come and go, but you've got to be around to take advantage of those you can.

Consider joining a local REIA.

Ebony Brown · Answer

Thank u I’m going to look into that

Trey Williams · Answer

@Ebony Brown I would find an experienced investor to partner with and bring half the cash and the property. This will cut down on mistakes made if you were going solo and you will only need half the down payment. Experienced investors only deal with newbies if they bring  present and future value My 2 cents good luck

How to start in rental properties

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