All Forum Posts by: Emily Du Plessis

Congrats, that's very exciting!

Wow Ulysses, this is great!  Honestly, I think that it is awesome that you have realized what a great avenue real estate investing can be for those willing to take the journey.  It's impressive that you are not even out of high school yet and taking action for your future.  I agree with Neil, you may have some issues with financing without credit, but there's are so many avenues out there for obtaining cash, and you have your brother, that you will hopefully turn this into a reality! Keep it up!

Congrats on starting into the buy and hold investing journey!  My husband and I also invest and I look forward to hearing more about your deals and how you are finding your properties! 

Welcome Jahmel! Congrats on deciding to actively pursue investing in rental properties.  As an investor myself, I truly believe rental property can be a great way to invest your money.  In terms of the two loan products you mentioned both to them you would have to buy as a owner occupant, meaning that you must live in the property first.  If your plan is to  buy a property and live in it first so you get the lower down payment, then move out later and rent it then both of these loan products could be a viable option.  The 203k loan allows you to roll in some rehab to the property, both structural (203k) or cosmetic (203k streamline).

If you're looking to buy a property as a straight rental property then you will have to look into conventional financing instead.

Hope this helps! Best of luck!

@Julie Kern Thanks for sharing your story and the pictures.  The house looks great, you did a great job! Keep us updated on the rental status!

Congrats on saving so much and allowing yourself the opportunity to do this!  As your first property, I think it is a great idea to house hack your way to a first rental.  You will be able to purchase it with less money down as long as you're planning on living there.  

In terms of hiring a PM my advice would be to think about what you would want them to do before you commit.  Do you just want someone who is handy that can fix some of the problems that will arise or are you looking for someone who will list the property, screen the tenants, etc.  If you don't mind doing the latter part-screening  tenants and showing the property- then I would just look around for a handyman that you can build a relationship with and call on when you need a handyman fix.  If you're looking to buy the property and be hands off of everything then I would consider hiring a PM.

Hope this helps and best of luck!

Congrats Brooks! My husband and I also learned that lesson as well. We have rentals in the Northern VA area and have completed light repairs to our homes too. The fact that this was your 2nd rental, was it an easier process this time around?

Congrats Justin, that's fantastic.  I'm glad to hear that you stayed the course even when you had some bumps along the way! 

Sorry to hear Jeff.  Don't get discouraged though. If you're serious about investing in rental property this will most definitely happen!  It's happened to us many times!  Just keep looking, the right property will come up! Good luck!

Congrats! It's crazy how hooked you can get to this!  Keep it up!