looking to purchase a home in Pasco county FL to rent out. very new to this!
looking for some advice on first steps to purchasing a home and renting it out mid term lease. what would be my very first steps? my sister lives in NY and will be purchasing the home and I would be managing the rental once we've rented the home out. we are in the very beginning baby steps and very new to real estate. ive been reading all through this forum to familiarize myself with real estate language and first steps to move this forward. any help is appreciated!
Most Popular Reply
Laura, after 25+ years of investing and owning about 40 rental properties myself, the biggest piece of advice I can give you is to stress-test every deal. Ask yourself: What happens if rent is lower than expected? What if repairs come up? What if it sits vacant for a month or two? If the property still works, you're probably looking at a good investment. Once the numbers make sense, don't overthink it. Analysis paralysis stops more people from building wealth than bad deals do. Trust the numbers, be conservative with your assumptions, and take action. Every investor I know who has built a portfolio started with that first property.
- Jorge Vazquez
