Im ready to purchase my first rental property

4 Replies

I would like to buy (foreclosure ideally). Im looking in Md Nj va and ny. I would like to rent to either hud or college students depending on the area. I know the maximum I'm willing to spend and I'm okay with possibly doing some rehab. I've just started looking more aggressively. With that being said I would just like to hear some opinions or advice from experience rental property owners. Thanks again for any advice. HIGHLY APPRECIATED.

just starting out myself, I would suggest having a budget for repairs. The foreclosure next door to me had about 30k in upgrades they bought it for about 80k and it's been on the market for months for a flip at 150k. Good luck.

What makes you feel you are ready to start investing.

Do you know your area , are you educated on how to invest and what to look for as a good investment, have you learned your state landlord tenant regulations, do you understand expenses, leverage, equity, cash flow. What do you know about selecting and screening of applicants.

Are you ready to invest to the point that you are prepared to lose it all if it goes bad.

Tell us about your level of education regarding choosing and managing income investment properties.

My background is it and trading with options and forex so I'm familiar with finance terminology. Rental experience -NONE. How ever I've self taught myself a lot and I will be reading about all of what you
Listed above. I'm familiar with the area to an extent. But I'm glad you mentioned these things because I knew there was more for me to be aware about

Both HUD and college students are specific niches that have been discussed a lot on the forums. I'd spend as much time thinking through your landlording education as you spend on learning about properties. Even if you plan to use a property manager, you will have some involvement and it is good to understand the pros and cons of your target rental market.

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