Holland, OH · Member since 2015 · 5 posts · 0 votes
I am 18 and have 4 grand. I would like to buy a single family house and rent it out, but don't know who will take me seriously or back me with enough money to start .
Real Estate Investor · Columbia, MD · Member since 2014 · 172 posts · 94 votes
11y
I concur with @Elizabeth Colegrove . The first townhouse we bought, we rented out the basement. We outgrew that space and still have it as a rental. When we moved into our current residence, we rented out the basement again until we could grow into it (and feel comfortable with the full mortgage payment). This last property that we bought, we're also renting out the basement apartment.
As far as financing goes, you could check out rent-to-own (seller financing) deals. That's how I got into my first townhouse when I had no money... Some of those properties are listed on the MLS and some you can find on Craigslist. If you do go this route though, make sure you have an attorney draft the paperwork.
Flipper/Rehabber · Denver, CO · Member since 2009 · 1k+ posts · 726 votes
11y
Check out Brandon's book on investing with no or low money down. He has purchased a bunch of units with little money down, so I'd consider him an expert.
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
11y
Have you thought about "house hacking". Buying a personal property and renting out the rooms is a great way to get started :) Your building equity, able to buy a house under first time home buyer programs. Depending on your income and salary history, you might need a co-signer.
Real Estate Investor · Columbia, MD · Member since 2014 · 172 posts · 94 votes
11y
I concur with @Elizabeth Colegrove . The first townhouse we bought, we rented out the basement. We outgrew that space and still have it as a rental. When we moved into our current residence, we rented out the basement again until we could grow into it (and feel comfortable with the full mortgage payment). This last property that we bought, we're also renting out the basement apartment.
As far as financing goes, you could check out rent-to-own (seller financing) deals. That's how I got into my first townhouse when I had no money... Some of those properties are listed on the MLS and some you can find on Craigslist. If you do go this route though, make sure you have an attorney draft the paperwork.