All Forum Posts by: Mason Adelman
Mason Adelman has started 8 posts and replied 49 times.
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
@Dan Sheeks, I’ll read it right now! Definitely looking for all the mentor ship I can get.
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
Hey @Nicholas Mazdra, I appreciate all the advice, I think it was really useful knowledge. I think I'll continue trying to learn as much as I can now and to continue saving for when I am able to find great deals and be able to act on it. I am not too familiar with how to get a loan however and other technicalities. For example, let's say I do find a house and buy, then how to screen a tenant and all that is all a mystery. I have a lot to learn.
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
@Jonathan Klemm I appreciate the guidance, I think I should figure out what type of property to invest in first and long-term goals in order to reach these later steps. I appreciate all the advice though!
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
@Jonathan Klemm, I agree with you about the loan part being a big obstacle, I do have a decent credit score of over 700s so I do not know if that helps with the loan.
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
Originally posted by @Joe Villeneuve:
Originally posted by @Mason Adelman:
Originally posted by @Joe Villeneuve:
You have that backwards. What you need to do is save up the money first ( you say your have $20k right now), then use that as your down payment, and figure out how much property you can buy. then, go find the market where those properties exist
That makes a lot of sense, so my first step should be realizing what type of property I want and goals within that.
Yes, but you're missing the most important step ahead of it...you need to put together a plan for investing based on your financial needs for both cash flow and personal debt payoff.
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
Originally posted by @Joe Villeneuve:
You have that backwards. What you need to do is save up the money first ( you say your have $20k right now), then use that as your down payment, and figure out how much property you can buy. then, go find the market where those properties exist
So you believe that my mindset should shift to trying to find an available market with my capital right now?
Post: How much money should I save up to fund my first rental property?
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
Hello Everyone,
I am just beginning my process of becoming financially free. I am 18 years old living in Chicago and am going to college in Indiana. I have around 20k saved up and am trying to learn as much as I can now to be able to have enough money saved up to invest in a rental property. At the moment I am not sure if I want to renovate but I do know I would like an asset that appreciates. Any ideas or tips on how much I should save up before I start or tips In general? Really appreciate any responses. Thanks!
Post: How to get over analysis paralysis on the first deal!!
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
Originally posted by @Jamie K.:
@Mason Adelman you can search zillow, realtor.com, etc for rentals in the area of interest. I just plug in the zip code. It'll show currently rented properties. Make sure they are comparable to your property as far as bedroom, sq footage, etc. Hope this helps!
Hey, that really helps! I appreciate it.
Post: How to get over analysis paralysis on the first deal!!
- New to Real Estate
- Chicago, IL
- Posts 49
- Votes 26
Hey, I do not have any tips but I was wondering how you found out the approximate rent. I understand how to find all the expenses, just not the last part. Thanks :)