Updated almost 9 years ago on . Most recent reply
Help Needed
I'm currently 17 and i'm turning 18 very soon. I'm really want to make real estate my full time career. But, do this I need to get my foot in the door. I looking to buy my first rental property but I need some help. Below I have created a outline for how I'm going to get my first rental property. It doesn't have every little detail all I'm trying to outline the steps I need to take to begin. The biggest problem i'm running in to is how am I going to manage a property when I first get it (that is why I stopped the outline at self-management) and how can I make sure my month expense don't exceed rent coming in. I wont have very much money to spend on unexpected expenses right away but that is a risk i'm willing to take to get started.
Other than doing my own research and educating myself on this industry i'm working two jobs to save up for a down payment and building my credit up so I can get approve for a mortgage.
If anyone with rental property experience is willing to give me a few pointers on what direction to head in to get my first property I would great appreciate it.
Develop a plan- Whats the max price I can afford? How much can I afford for a down payment with the money I have?
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- ARRANGE FINANCING: where can I get a loan from and with what interest rate. (Do this before I even look at a property.)
- Realtor.com
- Redfin.com
- Zillow.com
- Trulia.com
- ARRANGE FINANCING: where can I get a loan from and with what interest rate. (Do this before I even look at a property.)
- Renter warehouse: 1 unit/
- cost based on lease length or monthly payment based on amount of units
- plus $99 setup fee
- Renters warehouse: http://renterswarehouse.com/rent-your-home/pricing-summary/
- cost based on lease length or monthly payment based on amount of units
- Land lording myself??
More importantly talk to real estate agent, give them my criteria and tell them to let me know if they find a property that fits.
Once I find a property talk to agent and make an offer lower then posted and start negotiating. To cover costing cost I will negotiate closing prices in the final sale price.
Closing costs?
Putting the house on the market- Putting the house up for rent either through a management company or I will do it myself.
Most Popular Reply
Welcome to BP!
I love the passion you speak with, it's extremely motivating to me and I'm sure to everyone who else that has read this.
It sounds like our background stories are extremely similar, I went to school and received a finance degree with the hopes of getting into investment banking, but I also wasn't fond of the 100+ hour weeks. I started at a big bank as an acquisition analyst but then found I hated being behind a desk all day everyday, so that brings us to today now into real estate.
If you ever want to meet and talk real estate in the market here in the twin cities, and different strategies that could help you get started, I'm always in to talk real estate. A great first strategy could potentially be buying/hacking a home near the U of M campus and renting it out to other students. Just a thought, Good Luck!
Thanks,
Scott Swennes