Different ways to buy your first rental property

Upstate New York, New York
First-Time Home Buyer
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Different ways to buy your first rental property

Isaiah Murray
Member since 2020 · 5 posts · 10 votes

Hello all I'm new to bigger pockets I've been learning about real estate and the different ways real estate can benefit me now that I have a plan and know more specifically what I want out of it I'm just stuck on how I should go about buying my first rental property

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Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
1y

Chat with @Matthew Irish-Jones!

Logical Property Management4.9446 Reviews
WebsiteView Page
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  • Colby Calagna
    Austin, TX · Member since 2025 · 4 posts · 2 votes
    1y

    Hey Isaiah,

    Exciting to hear you're looking at your first rental.

    A few key things to consider:

    • Financing: What loan options have you looked in to? Conventional? FHA? DSCR? Knowing your budget and financing options will help narrow down your choices.
    • Market Selection: Do you have a specific city or neighborhood in mind? Researching rental demand, property values, and vacancy rates will help ensure a solid investment.
    • Property Type: Are you leaning toward single-family, multi-family, or short-term rentals? Each has different benefits and challenges.
    • Running the Numbers: It's important to analyze potential cash flow, expenses, and ROI before making an offer.

    I’d be happy to chat and help guide you through the process, especially if you’re considering financing options

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  • Kiernan LaFaver
    Real Estate Agent · Central New York · Member since 2023 · 207 posts · 96 votes
    1y

    Analysis Paralysis will completely take over if you don't have a set, clear plan.

    First thing I would consider is what market. What cities/towns would be ideal rental locations with growing populations, good rent prices, and will help you achieve your goals? Second, what strategy/goal are you going for? Buy and Hold, BRRRR, Flip, etc? This will also help you figure out the third thing, and perhaps the most important: Financing. Owner occupied vs investment properties have different guidelines and terms.

    If you're able, I would recommend finding a mentor or a local investor group to help you learn the ins-and-outs of the investment world. Don't overthink things and just take some sort of action! If you have any questions at all, I'd be more than happy to chat and help you along the journey!

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  • Terrance HillPro Member
    Realtor · Memphis, TN · Member since 2010 · 425 posts · 117 votes
    1y

    Hi Isaiah, 

    As someone with experience in real estate investing, my advice is to focus on execution rather than over-planning. The key to starting is identifying a property that offers solid cash flow potential in a stable market, and securing financing that fits your situation—whether that's a conventional loan or an FHA loan if you plan to owner-occupy.

    It’s common to hesitate due to fear of making mistakes, but the reality is that practical experience is invaluable. Start with a manageable property, build your team (agent, lender, property manager), and be prepared to learn throughout the process. Acting decisively while conducting proper due diligence will position you for success.

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  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    1y

    Chat with @Matthew Irish-Jones!

    Logical Property Management4.9446 Reviews
    WebsiteView Page
    1Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    1y
    Quote from @Isaiah Murray:

    Hello all I'm new to bigger pockets I've been learning about real estate and the different ways real estate can benefit me now that I have a plan and know more specifically what I want out of it I'm just stuck on how I should go about buying my first rental property


     I would recommend finding the right agent first.  They will be able to help you analyze, find a market that meets your goals, and should have every vendor introduction you will need. 

    From there your job is to double check all of their numbers, ask questions on assumptions, and learn as much as possible. 

    Irish Jones Realty4.947 Reviews
    View Page
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